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Category: Banking

  • MIL-OSI Africa: Empowering Women through Clean Energy: African Development Bank Launches Country Diagnostics to Accelerate Inclusive Energy Transitions

    Source: APO – Report:

    .

    In a significant step toward advancing inclusive climate solutions, the African Development Bank (www.AfDB.org), in partnership with the Climate Investment Funds (CIF) (https://apo-opa.co/44PhRQI), has launched the Gender and Renewable Energy Country Diagnostics (https://apo-opa.co/3GXAwSi)—a pivotal initiative exploring the nexus between gender equity and energy access in six African countries: Ghana (https://apo-opa.co/450VUOL), Liberia (https://apo-opa.co/44DKrFW), Mali (https://apo-opa.co/44ZZLM5), Lesotho (https://apo-opa.co/3GTIKeb), Madagascar (https://apo-opa.co/46jgk7Q), and Malawi (https://apo-opa.co/46dH5KX).

    Commissioned by the Bank under CIF’s Scaling Up Renewable Energy Program, the diagnostics provide evidence-based, country-specific recommendations to enhance women’s leadership, financial inclusion, and participation in Africa’s clean energy economy. Focusing on localized, actionable solutions, the reports identify opportunities to embed gender considerations into national energy planning, investment strategies, and policy frameworks. They also propose inclusive financing models that de-risk women-led energy enterprises and highlight the need for capacity-building efforts to strengthen technical skills, entrepreneurial readiness, and leadership among women in the renewable energy sector.

    The findings were officially unveiled at a virtual launch event on 30 June 2025, hosted by the Bank’s Climate Change and Green Growth Department and Gender and Women Empowerment Division. The event brought together stakeholders from government, civil society, the private sector, and development institutions, underscoring a strong regional commitment to gender-equitable and resilient energy transitions.

    Opening the event, Al Hamndou Dorsouma, Manager of the Climate Change and Green Growth, reaffirmed the Bank’s commitment to a just and inclusive energy transition. “Gender equality is a source of serious innovation and sustainable growth,” he stated, emphasizing the need to translate diagnostic findings into concrete reforms, strengthening institutional coordination, and gender-responsive business and financing mechanisms. He noted that the initiative directly responds to growing country-level demand for stronger gender integration in energy strategies, building on earlier successes in East Africa.

    Nathalie Gahunga, Manager of the Gender and Women Empowerment Division, closed the event with a compelling call to action. She urged governments, development partners, NGOs, financiers, and the private sector to turn the data into transformative investments, innovative programs, and inclusive policy reforms. “The real work begins now,” she declared, calling for cross-sector collaboration to remove structural barriers and unlock women’s full participation in Africa’s green economy.

    Fewstancia Munyaradzi, Executive Director of Rand Sandton Consulting Group (www.RandSandton.com), presented a consolidated action plan focused on closing financing gaps, building institutional capacity, and integrating gender-responsive approaches into energy policy and project design.

    At the African Development Bank, gender integration is a core priority. Gender considerations are mainstreamed in 100 percent of the Bank’s climate operations—from design through implementation. These diagnostics reflect that commitment, providing practical tools to help countries operationalize gender equality in energy planning and programming.

    As Africa advances on its path to energy transformation, diagnostics are now available to guide gender-responsive policy and investment decisions across the continent. They affirm that gender inclusion is not only a development imperative but a cornerstone of sustainable, resilient progress.

    This new effort builds on the Bank’s earlier collaboration with the Climate Investment Funds in 2020, which produced Gender and Sustainable Energy Access country briefs for Kenya, Rwanda, Tanzania, and Uganda (https://apo-opa.co/46MLNiY). Those briefs guided gender-sensitive energy interventions and highlighted the importance of sex-disaggregated data, national-level engagement, and context-specific recommendations.

    To review the Country Diagnostic Studies on Gender and Renewable Energy, click here (https://apo-opa.co/3GXAwSi):

    Ghana
    (https://apo-opa.co/450VUOL)

    Liberia
    (https://apo-opa.co/44DKrFW)

    Mali
    (https://apo-opa.co/44ZZLM5)

    Lesotho
    (https://apo-opa.co/3GTIKeb)

    Madagascar
    (https://apo-opa.co/46jgk7Q)

    Malawi
    (https://apo-opa.co/46dH5KX)

    – on behalf of African Development Bank Group (AfDB).

    Media Contact:
    Sonia Borrini
    Climate Change & Green Growth Department
    s.borrini@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    MIL OSI Africa –

    July 19, 2025
  • MIL-OSI Africa: The African Development Bank (AfDB) and Sustainable Energy Fund for Africa (SEFA) provide $40 million investment in equity platform Zafiri to accelerate renewable energy access across Africa

    Source: APO – Report:

    The Board of Directors of the African Development Bank (www.AfDB.org) has approved a $40 million equity investment in Project Zafiri, a transformative equity platform and flagship initiative under Mission 300 (https://apo-opa.co/4m1ve7m). This investment will accelerate the expansion of renewable energy access across Africa.

    Zafiri – jointly developed by the Bank, World Bank Group and other partners – aims to address the critical shortage of patient, longer-term equity capital needed to de-risk and scale Decentralized Renewable Energy solutions (DRE) for underserved communities across the continent.

    Decentralized Renewable Energy is the fastest, most cost-effective, and sustainable way to expand electricity access in rural Africa. Unlike centralized grids, DRE solutions—such as mini-grids and stand-alone solar home systems—can be deployed quickly and affordably, even in remote or fragile areas.

    Under Mission 300, which aims to connect an additional 300 million people to electricity by 2030, DRE will play a central role in ensuring no community is left behind. These decentralized systems are modular, scalable, and well-suited to the continent’s dispersed populations and geographic challenges. More than half of all new electricity connections by 2030 are expected to come from DRE.

    Zafiri is structured as a Permanent Capital Vehicle with a targeted capitalization of $1 billion, raised through a phased approach. Phase 1 targets $300 million in total commitments, equally split between junior and senior equity, with junior equity serving as a key catalyst to crowd-in private sector in this higher-risk, undercapitalized market.

    The African Development Bank’s $40 million contribution consists of $30 million in senior equity from its balance sheet and $10 million in junior equity from the Sustainable Energy Fund for Africa (SEFA), a multi-donor special fund managed by the Bank.

     “Zafiri is a catalytic platform that will be an integral component of the Bank’s strategy to accelerate universal access to modern energy in Africa. With just five years remaining to reach Mission 300’s goal of additional 300 million connections by 2030, this initiative provides a timely and innovative solution to scale private capital for impact,” noted Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank.

    Wale Shonibare, Director for Energy Financial Solutions, Policy, and Regulations, described Zafiri as the largest patient capital commitment to the African DRE sector to date. He said it exemplifies how structured blended financing can unlock commercial capital while delivering inclusive, climate-resilient energy access across the continent.

    Project Zafiri will address the lack of longer-term equity that is constraining the growth of the DRE sector in Africa, Daniel Schroth, Director for Renewable Energy and Energy Efficiency, said, adding that by anchoring the junior equity tranche, SEFA is helping to crowd in private investment at scale.

    Zafiri aligns with the Bank’s Ten-Year Strategy (2024–2033) to promote private investment in energy infrastructure, the High 5s, particularly Light Up and Power Africa, Industrialize Africa, and Improve the Quality of Life for the People of Africa, and the New Deal on Energy for Africa. It also contributes to both mitigation and adaptation goals under the Bank’s Climate Change and Green Growth Policy and Strategy and supports the objectives of SEFA and the Private Sector Development Strategy (PSDS) to mobilize equity for clean energy and energy efficiency investments. Zafiri also aligns with the Bank’s Equity Investment Framework and represents a pioneering approach to blended finance in Africa’s energy transition and a critical step toward achieving universal energy access.

    – on behalf of African Development Bank Group (AfDB).

    Contact:
    Amba Mpoke-Bigg
    Communication and External Relations Department
    Email: media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    Media files

    .

    MIL OSI Africa –

    July 19, 2025
  • MIL-OSI NGOs: G20 signals support for fairer global tax rules but comes up short on taxing the super-rich

    Source: Greenpeace Statement –

    Durban, South Africa – Commenting on the outcome of the G20 3rd Finance Ministers and Central Bank Ministerial Meeting, Greenpeace welcomed the G20 ministers’ support for international tax negotiations at the United Nations. However, Ministers did not reference the proposal introduced under Brazil’s G20 presidency last year to tax the ultra-rich.[1]

    Fred Njehu, Global Political Lead of the Fair Share campaign, Greenpeace Africa, said: “This show of support for the UN Tax Convention is a welcome step in the right direction for new global tax rules that work for everyone, not just the select few. The G20 must now put words into action and engage constructively in the process as a global multilateral platform that will shape and determine the future of taxation, one rooted in equity, transparency and justice.

    “However, the G20 Finance Ministers are squandering an incredible opportunity to end financial apartheid and achieve a breakthrough on wealth taxation that could redistribute much needed funds to tackle the social, economic, environmental and climate polycrisis. Equality is not the accumulation of wealth and power in the hands of a few billionaires. We need to stand up to the power of billionaires who are a threat to our democracies, security and wellbeing.[2]

    “Turbulent economic times like these demand global cooperation and a multilateral response. G20 ministers have an historic obligation to help steer the global economy and environment towards safer waters. They must listen to growing public calls and build the political momentum for taxing the super-rich and set new global tax rules that work for all to achieve social and climate justice.”

    END

    Notes:

    [1] New global tax rules in an UN Framework Convention on International Tax Cooperation are being negotiated, from now until 2027. It is a historic opportunity to redistribute power and wealth, and foster tax transparency and accountability. It aims to take control of global tax rules from the rich OECD (Organisation for Economic Cooperation and Development) countries to place it in the hands of the 193 member states of the United Nations. 

    [2] Greenpeace: Ramaphosa, G20 must end financial apartheid with tax on super-rich

    Contacts:

    Ibrahima Ka Ndoye, International Communications Coordinator, Greenpeace Africa. +221778437172, [email protected].

    Greenpeace International Press Desk, +31 (0)20 718 2470 (available 24 hours), [email protected]

    MIL OSI NGO –

    July 19, 2025
  • MIL-OSI Russia: German Chancellor Calls Situation in Gaza ‘Unacceptable’

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    BERLIN, July 18 (Xinhua) — German Chancellor Friedrich Merz on Friday called the current situation in the Gaza Strip “unacceptable,” calling for an immediate ceasefire and comprehensive humanitarian aid to the local population.

    Speaking at a press conference in Berlin, F. Merz said that Germany, together with its partners, is working in close coordination to resolve the conflict in Gaza.

    The Chancellor stressed that Germany clearly states its position on certain developments in Israel, including the policy of building settlements in the West Bank, which “does not find approval in the German government.”

    According to a statement from the German federal government, Merz expressed hope for a speedy ceasefire in the Gaza Strip in a telephone conversation with Israeli Prime Minister Benjamin Netanyahu on Friday.

    F. Merz said that urgently needed humanitarian aid must be delivered to the residents of the Gaza Strip in a safe and humane manner.

    According to the statement, the German Chancellor also stressed that there should be no steps towards annexation of the West Bank. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

    July 19, 2025
  • MIL-OSI Europe: Romania registers first corporate green bond sale as utility Electrica completes €500 million transaction with EIB participation

    Source: European Investment Bank

    EIB

    • Romanian power supplier Electrica raises €500 million through country’s first corporate green bond, with EIB among the buyers
    • Company to use proceeds to expand renewable electricity generation as well as energy storage

    Romanian power producer Electrica became the first company in Romania to issue a green bond, completing a €500 million operation in which the European Investment Bank (EIB) was one of the buyers. Investor demand for the bond, which is being listed on the Luxembourg and Bucharest stock exchanges, exceeded the offer at the final price by more than 10 times.

    Electrica will use the funds raised to expand renewable electricity generation and energy storage, in line with the company’s Green Financing Framework. By 2030, Electrica aims to have the capacity to generate 1,000 megawatts of renewable power and to store 900 megawatt-hours (MWh) of electricity.

    “This issuance is an ice breaker for the Romanian market,” said EIB Vice-President Ioannis Tsakiris. “The Electrica operation is at the intersection of finance and sustainability, encouraging all to think green. It is a significant project because driving funds towards environmentally sustainable projects is at the heart of fostering economic growth and contributing to the fight against climate change.”

    Electrica is a key player in the Romanian market for electricity production, supply and distribution. The company has around 4 million customers, largely in the regions of Transylvania and Muntenia.

    “The green-bond issuance marks a pivotal moment for Electrica and the national energy system,” said Electrica Chief Executive Officer Alexandru Chiriță. “The success of this operation underscores our corporate discipline, transparency and ability for swift execution while sending a strong signal to the international financial markets about Romania’s potential in sustainable financing.”

    The transaction demonstrates the EIB’s ability to support green investments that are aligned with the European Union taxonomy for sustainable activities via capital market instruments contributing to EU policy goals.

    Electrica’s green bond has a maturity of five years, an interest rate of 4.566% and a BBB rating by Fitch Ratings. The planned issuance was approved on 10 July 2025 by the Commission de Surveillance du Secteur Financier in Luxembourg.

    Romania registers first corporate green-bond sale as utility Electrica completes €500 million transaction with EIB participation
    Romania registers first corporate green-bond sale as utility Electrica completes €500 million transaction with EIB participation
    ©EIB
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    Romania registers first corporate green-bond sale as utility Electrica completes €500 million transaction with EIB participation
    Romania registers first corporate green-bond sale as utility Electrica completes €500 million transaction with EIB participation
    ©EIB
    Download original

    MIL OSI Europe News –

    July 19, 2025
  • MIL-OSI: Chino Commercial Bancorp Reports 25% Increase in Net Earnings

    Source: GlobeNewswire (MIL-OSI)

    CHINO, Calif., July 18, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Chino Commercial Bancorp (OTC: CCBC), the parent company of Chino Commercial Bank, N.A., announced the results of operations for the Bank and the consolidated holding company for the second quarter ended June 30, 2025.

    Net earnings for the second quarter of 2025 were $1.54 million, reflecting an increase of $308.5 thousand, or 25.04%, compared to the same period last year. Basic and diluted earnings per share were $0.48 for the second quarter of 2025, up from $0.38 for the same quarter in 2024. Net earnings year-to-date increased by 16.85% or by $417.1 thousand, to $2.89 million, as compared to $2.48 million for the same period last year. Net earnings per share was $0.90 for the period ending June 30, 2025, and $0.77 for the same period last year.

    Dann H. Bowman, President and Chief Executive Officer, stated, “We are very pleased with the Bank’s performance in the second quarter of 2025, which set new records for total Assets, total Deposits, net earnings, and total Capital. Loan quality also remains very strong, with the Bank having no delinquent loans at quarter-end.

    We are also proud to announce the opening of the Bank’s fifth location in Corona during the second quarter. Early business development efforts have been very productive, with the branch already having $20 million in new deposits.

    The Bank’s Merchant Services program continues to deliver reliable credit card processing services for its customers, with significant savings and improved cash-flow options.”

    Financial Condition

    As of June 30, 2025, total assets reached $481.9 million, representing an increase of $15.3 million, or 3.3%, from $466.7 million on December 31, 2024. Total deposits rose by $22.7 million, or 6.5%, to $371.6 million, up from $348.9 million on December 31, 2024. Core deposits accounted for 97.01% of total deposits as of June 30, 2025.

    Gross loans increased by $1.02 million, or 0.5%, totaling $206.3 million as of June 30, 2025, compared to $205.2 million as of December 31, 2024. The Bank reported no delinquent loans, and three non-performing loans on non-accrual status, as of June 30, 2025. As of December 31, 2024, the Bank reported no delinquent loans and five non-performing loans on all on nonaccrual status. There were no Other Real Estate Owned (OREO) properties reported at either date.

    Earnings

    The Company reported net interest income of $3.7 million for the three months ended June 30, 2025, compared to $3.2 million for the same period in 2024. Average interest-earning assets were $414.6 million, while average interest-bearing liabilities totaled $221.9 million, resulting in a net interest margin of 3.69% for the second quarter of 2025. This compares favorably to the prior year’s second-quarter margin of 2.95%, based on average interest-earning assets of $432.2 million and average interest-bearing liabilities of $240.2 million.

    Non-interest income totaled $1.0 million in the second quarter of 2025, an increase of 23.0% compared to $822.0 thousand in the second quarter of 2024. Most of the increase was driven by higher service charges and fees on deposit accounts, which rose to $527.2 thousand—an increase of $66.5 thousand, or 14.5%, compared to $460.6 thousand in the same period last year. Merchant services processing revenue also contributed to the growth, totaling $178.8 thousand for the quarter, up $30.0 thousand, or 20.2%, from $148.8 thousand in the second quarter of 2024.

    General and administrative expenses totaled $2.7 million for the three months ended June 30, 2025, compared to $2.3 million for the same period in 2024. The largest component of these expenses was salary and benefits, which amounted to $1.6 million in the second quarter of 2025, up from $1.4 million in the prior year.

    Income tax expense for the quarter was $614.9 thousand, reflecting an increase of $129.4 thousand, or 26.7%, compared to $485.5 thousand for the same period last year. The Company’s effective income tax rate was approximately 28.5% for the period ending June 30, 2025, and 28.3 for the same period last year.

    Forward-Looking Statements

    The statements contained in this press release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties, including but not limited to, the health of the national and California economies, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology and gain efficiencies therefrom, and changes in interest rates, loan portfolio performance, and other factors.

    Contact: Dann H. Bowman, President and CEO or Melinda M. Milincu, Senior Vice President and CFO, Chino Commercial Bancorp and Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, CA. 91710, (909) 393-8880.

         
    Consolidated Statements of Financial Condition    
    As of 6/30/2025    
      Jun-2025
    Ending Balance
        Dec-2024
    Ending Balance
     
    Assets    
    Cash and due from banks $56,447,198     $45,256,619  
    Cash and cash equivalents $56,447,198     $45,256,619  
         
    Fed Funds Sold $9,060     $31,029  
         
    Investment securities available for sale, net of zero    
    allowance for credit losses $6,082,331     $6,558,341  
    Investment securities held to maturity , net of zero    
    allowance for credit losses $192,972,194     $190,701,756  
    Total Investments $199,054,525     $197,260,097  
         
    Gross loans held for investments $206,254,179     $205,235,497  
    Allowance for Loan Losses ($4,637,060 )   ($4,623,740 )
    Net Loans $201,617,119     $200,611,757  
    Stock investments, restricted, at cost $3,662,000     $3,576,000  
    Fixed assets, net $8,069,987     $7,255,785  
    Accrued Interest Receivable $1,532,213     $1,539,505  
    Bank Owned Life Insurance $8,600,690     $8,482,043  
    Other Assets $3,492,678     $3,170,159  
         
    Total Assets $481,978,760     $466,678,432  
         
    Liabilities    
    Deposits    
    Noninterest-bearing $172,049,944     $166,668,725  
    Interest-bearing $199,527,255     $182,200,703  
    Total Deposits $371,577,199     $348,869,428  
         
    Federal Home Loan Bank advances $10,000,000     $0  
    Federal Reserve Bank borrowings $40,000,000     $60,000,000  
    Subordinated debt $10,000,000     $10,000,000  
    Subordinated notes payable to subsidiary trust $3,093,000     $3,093,000  
    Accrued interest payable $220,193     $132,812  
    Other Liabilities $1,730,432     $1,877,996  
    Total Liabilities $436,620,824     $423,973,236  
         
    Shareholder Equity    
    Common Stock ** $10,502,558     $10,502,558  
    Retained Earnings $36,952,444     $34,059,943  
    Unrealized Gain (Loss) AFS Securities ($2,097,066 )   ($1,857,305 )
    Total Shareholders’ Equity $45,357,936     $42,705,196  
         
    Total Liab & Shareholders’ Equity $481,978,760     $466,678,432  
         
    ** Common stock, no par value, 10,000,000 shares authorized and 3,211,970 shares issued and outstanding at 6/30/2025 and 12/31/2024
         
             
    Consolidated Statements of Net Income
    As of 6/30/2025
      Jun-2025
    QTD Balance
        Jun-2024
    QTD Balance
        Jun-2025
    YTD Balance
        Jun-2024
    YTD Balance
     
    Interest Income        
    Interest & Fees On Loans $3,373,949     $2,801,198     $6,695,566     $5,528,999  
    Interest on Investment Securities $1,776,975     $1,945,563     $3,479,765     $3,881,668  
    Other Interest Income $176,702     $489,331     $433,028     $1,520,279  
    Total Interest Income $5,327,626     $5,236,092     $10,608,359     $10,930,946  
             
    Interest Expense        
    Interest on Deposits $1,255,426     $1,054,734     $2,445,727     $2,087,669  
    Interest on Borrowings $273,228     $997,524     $743,147     $2,310,217  
    Total Interest Expense $1,528,654     $2,052,258     $3,188,874     $4,397,886  
             
    Net Interest Income $3,798,972     $3,183,834     $7,419,485     $6,533,060  
             
    Provision For Loan Losses ($2,622 )   $1,794     $8,082     ($1,139 )
             
    Net Interest Income After Provision for Loan Losses $3,801,594     $3,182,040     $7,411,403     $6,534,199  
             
    Noninterest Income        
    Service Charges and Fees on Deposit Accounts $527,202     $460,658     $1,033,560     $900,515  
    Interchange Fees $110,482     $102,761     $216,951     $195,033  
    Earnings from Bank-Owned Life Insurance $60,373     $58,579     $118,647     $114,875  
    Merchant Services Processing $178,751     $148,770     $320,047     $281,538  
    Other Miscellaneous Income $134,621     $51,250     $177,814     $103,522  
             
    Total Noninterest Income $1,011,429     $822,018     $1,867,019     $1,595,483  
             
    Noninterest Expense        
    Salaries and Employee Benefits $1,632,294     $1,420,868     $3,220,764     $2,922,295  
    Occupancy and Equipment $219,906     $168,404     $401,359     $332,473  
    Merchant Services Processing $69,552     $73,394     $146,593     $144,603  
    Other Expenses $736,190     $624,150     $1,466,453     $1,280,128  
             
    Total Noninterest Expense $2,657,942     $2,286,816     $5,235,169     $4,679,499  
             
    Income Before Income Tax Expense $2,155,080     $1,717,243     $4,043,251     $3,450,182  
    Provision For Income Tax $614,855     $485,492     $1,150,750     $974,758  
             
    Net Income $1,540,225     $1,231,751     $2,892,501     $2,475,424  
             
    Basic earnings per share $ 0.48     $ 0.38     $ 0.90     $ 0.77  
             
    Diluted earnings per share $ 0.48     $ 0.38     $ 0.90     $ 0.77  
             
             
    Financial Highlights        
    As of 6/30/2025        
      Jun-2025
    QTD
        Jun-2024
    QTD
        Jun-2025
    YTD
        Jun-2024
    YTD
     
    Key Financial Ratios        
    Annualized Return on Average Equity   13.88%       12.61%       13.32%       12.85%  
    Annualized Return on Average Assets   1.41%       1.08%       1.32%       1.04%  
    Net Interest Margin   3.69%       2.95%       3.60%       2.91%  
    Core Efficiency Ratio   55.25%       57.09%       56.37%       57.57%  
    Net Chargeoffs/Recoveries to Average Loans   0.00%       0.00%       -0.01%       0.00%  
             
      3 month ended
    Jun-2025
    QTD Avg
        3 month ended
    Jun-2024
    QTD Avg
        Jun-2025
    YTD Avg
        Jun-2024
    YTD Avg
     
    Average Balances        
    (thousands, unaudited)        
    Average assets $440,184     $458,364     $442,199     $475,291  
    Average interest-earning assets $414,576     $432,215     $416,766     $450,774  
    Average interest-bearing liabilities $221,881     $240,214     $226,466     $258,566  
    Average gross loans $206,619     $187,788     $207,296     $184,961  
    Average deposits $369,282     $331,088     $363,382     $330,519  
    Average equity $44,617     $39,172     $43,924     $38,623  
             
      Jun-2025
    QTD
        Dec-2024
    YTD
           
    Credit Quality        
    Non-performing loans $833,565     $1,228,165        
    Non-performing loans to total loans   0.40%       0.60%        
    Non-performing loans to total assets   0.17%       0.26%        
    Allowance for credit losses to total loans   2.25%       2.25%        
    Nonperforming assets as a percentage of total loans and OREO   0.40%       0.60%        
    Allowance for credit losses to non-performing loans   556.29%       376.48%        
             
    Other Period-end Statistics        
    Shareholders equity to total assets   9.41%       9.15%        
    Net Loans to Deposits   54.12%       57.36%        
    Non-interest bearing deposits to total deposits   46.30%       47.77%        
    Company Leverage Ratio   11.48%       10.40%        
    Core Deposits / Total Deposits   97.01%       97.31%        
             

    The MIL Network –

    July 19, 2025
  • MIL-OSI USA: Commissioner Johnson Hosted the Regulators’ Roundtable: Financial Markets Innovation and Supervision of Emergent Technology in London

    Source: US Commodity Futures Trading Commission

    LONDON — On July 14, 2025, Commodity Futures Trading Commission Commissioner Kristin Johnson convened the third annual international financial markets regulation roundtable in London. The agenda and engagement focused on rapidly evolving technologies — with emphasis on the increasing integration of artificial intelligence, the proliferation of cyber threats, and the rapid adoption of digital assets across global financial markets.[1]
    During the Emergent Technologies Roundtable, Commissioner Johnson explained “AI holds significant promise for making financial services more inclusive, efficient, and accessible. But its deployment must be underpinned by robust governance, ethical design, and global regulatory collaboration. For global regulatory leadership … the challenge is to balance innovation with stability, openness with security and privacy protections, and the benefits of automation with the value of human oversight.”  
    Reflecting on the need for effective governance, Commissioner Johnson explained that “governance — at the firm level and the system level — matters more than ever. Fintechs must invest in model risk management, ethical design, and responsible data practices. Supervisory approaches must evolve to keep pace with the changes occurring in the markets subject to our supervision.”
    The Roundtable also explored issues of operational resilience in the face of mounting cyber attacks launched by sophisticated actors operating from dark corners in many jurisdictions around the world with the potential to severely disrupt local and global financial markets. “Cyber resilience is a critical gateway issue for protecting market integrity, and an area where we need to be ‘all hands on deck’ on both sides of the pond. Cyber resilience is only as strong as its weakest link. It is important to stay vigilant and collaborate closely on best practices and lessons learned,” Commissioner Johnson said. 
    According to Commissioner Johnson, “convening regulators offers an exceptional opportunity for colleagues to share learning and understanding on emerging and persistent issues that directly impact market integrity, stability, and security. It has been my pleasure to coordinate an annual conversation among regulators each year of my service as a Commissioner.” 
    Roundtable attendees included representatives of the Federal Reserve Bank of Chicago, the Bank of England, the Financial Conduct Authority, Banco de España (the central bank of Spain), the European Securities and Markets Authority,  Deutsche Bundesbank (the central bank of the Federal Republic of Germany), the Comisión National del Mercado de Valores (the Spanish Securities Market Commission),the City of London, the Financial Action Task Force, the Cambridge Centre for Alternative Finance, and the London School of Economics Law School, among others.
    The attendees discussed a number of issues, including regulatory responses to cyber threats and operational resilience for systemically important financial institutions and market participants; risk management concerns and effective oversight of non-financial institution third party service providers; the impact of increasing reliance on AI; and strategies to enhance integrity, stability, and accountability in global financial markets. 
    “I extend my gratitude to the roundtable attendees,” Commissioner Johnson continued. “Hopefully, the insightful dialogue inspires harmonization, coordination, and collaboration across financial banking and market regulation.” 

    MIL OSI USA News –

    July 19, 2025
  • MIL-OSI USA: Governor Kehoe Announces Eleven Appointments to Various Boards and Commissions, Fills One County Vacancy

    Source: US State of Missouri

    JULY 18, 2025

    Jefferson City — Today, Governor Mike Kehoe announced eleven appointments to various boards and commissions and filled one county vacancy.

    Beth Banker, of Kansas City, was reappointed to the Child Abuse and Neglect Board.

    Ms. Banker is the clinical director for the Child Protection Center. She previously served as an art therapist and consultant at Operation Breakthrough. An active member of her community, Banker serves on the American Professional Society on the Abuse of Children (APSAC) and the Missouri Juvenile Justice Advisory Group. Banker earned a master’s degree in social work from Boston University.

    Cary Corley, Ph.D., of Lee’s Summit, was appointed to the Committee of Professional Counselors.

    Mr. Corley is currently the owner and clinical director of Corley Counseling, LLC. He previously served as a counselor for  Peace Partnership, a non-profit counseling center. Dr. Corley is an active member of his community, serving as a Sunday school and leadership institute teacher, marriage counselor, and seminar speaker at Abundant Life Church.  He is also a member of his Homeowners Association Elections Committee. Mr. Lee earned his Doctorate of Counseling Psychology from Midwestern College.

    Sarah Chapman, from Auxvasse, was appointed as the student representative to the Southeast Missouri State University Board of Governors.

    Ms. Chapman is a student ambassador for Southeast Missouri State University Admissions. She is a member of the Student Government Association and the National Society of Leadership and Success. Chapman is currently pursuing a double major in english and music at Southeast Missouri State University.

    Jeffery Davis, of Wardsville, was appointed to the Southeast Missouri State University Board of Governors.

    Mr. Davis is the executive director of Government Affairs for BNSF Railway. He previously served as the commissioner and chairman of the Missouri Public Service Commission. Davis is an active member of his community, serving on the Missouri Railroad Association and the Missouri Chamber of Commerce. Davis earned his Bachelor of Arts in Political Science from Southeast Missouri State University.

    Lee Harris, Ph.D., of Independence, was appointed to the Committee of Professional Counselors.

    Mr. Lee is the owner and therapist at AHA Mental Health. Harris also serves as the program manager of Adult and Family Services for ReDiscover, a nonprofit community mental health center that provides comprehensive programs and services for adults and children. He previously served as a program supervisor at the Child Abuse Prevention Association. Lee his Doctorate of Behavioral Health from Arizona State University.

    Todd Hays, of Monroe City, was reappointed to the Missouri State Fair Commission.

    Mr. Hays is a fifth-generation farmer operating a farrow-to-finish hog operation and row crop farm. He is an active member of his community, currently serving as vice president of the Missouri Farm Bureau and Monroe City Agri-Leaders, and previously served on the Monroe City Fair Board for over 15 years. Hays holds an Associate of Arts in Business Marketing from Moberly Area Community College.
     

    Jared Hill, of Kansas City, was appointed to the Missouri State Fair Commission.

    Mr. Hill is the president and owner of Mainline Services LLC, a railroad maintenance and emergency services company. Prior to Mainline, Hill served as the president of HB Trucking LLC. He is a member of the Platte County Fair Board, working tirelessly to promote agricultural education, youth programs, and community events. Hill is also an active member of Eagle Scout Troop 249.

    Megan Hill, of Marble Hill, was appointed as the Bollinger County Clerk.

    Ms. Hill previously served as the deputy recorder of deeds for the Bollinger County Courthouse before stepping in as the county clerk in an interim capacity. Prior to public service, she worked as an accounting manager at SEMO Options Inc. Hill earned a Bachelor of Science in Business Management from National American University.

    Matthew Kliethermes, Ph.D, of Maryland Heights, was reappointed to the Child Abuse and Neglect Review Board.

    Mr. Kliethermes is a clinical professor at the University of Missouri – St. Louis, serving as the training director for the Children’s Advocacy Services of Greater St. Louis. A leader in his field, he serves on several boards including the American Psychological Association and the National Child Traumatic Stress Network. Kliethermes earned his doctorate in clinical psychology from St. Louis University.

    Monica Lyle, of St. James, was appointed to the Child Abuse and Neglect Review Board.

    Ms. Lyle is a counselor for the Salem R-80 School District. She previously served as a counselor for the Rolla #31 School District and the director of education for Perimeter of Missouri. Lyle has been highly involved in several professional organizations, including the American School Counselor Association and the Missouri School Counselor Association. Lyle earned a master’s degree in counseling from Missouri Baptist University.

    Lesia Shelton, of Buffalo, was reappointed to the Governor’s Council on Disability.

    Ms. Shelton provides specialized employment services for the deaf and hard of hearing at Preferred Family Healthcare. An engaged member of her community, she serves as a member of the Deaf Awareness Group of Southwest Missouri and volunteers for the Dallas County Sheriff’s Posse. Shelton is a licensed Missouri Interpreter for the Deaf and Hard of Hearing.

    Jonathan Truesdale, of Raymore City, was appointed to the Lincoln University Board of Curators.

    Mr. Truesdale is an attorney at Truesdale Law, LLC in the Greater Kansas City area, specializing in criminal defense, probate law, and personal injury. He previously served as an attorney for Maryland Office of Public Defense. In addition to his professional career, Truesdale is a member of the Mercury Club of Kansas City. Truesdale earned his Juris Doctor from The Ohio State University Moritz College of Law.

    ###

    MIL OSI USA News –

    July 19, 2025
  • MIL-OSI Africa: Professor Benedict Oramah recognised for long service as Export Trading Group (ETG), TRACE, KCB and CBZ toast award success at 32nd Afreximbank Annual Meetings

    Source: APO – Report:

    Key Highlights

    • The third edition of the Pan-African Business and Development Awards has recognised and celebrated leading businesses on the continent and in the diaspora in alignment with Afreximbank’s push for a promotion of a Global Africa
    • Marking his distinguished tenor, Professor Benedict Oramah, outgoing Afreximbank President, was honoured with the Bank’s Long Service Award alongside other employees
    • Export Trading Group (ETG) won the Global Africa Business Leader Award 2025 for fostering economic growth across the continent and enhancing food security
    • KCB Group Plc, Kenya and CBZ Bank, Zimbabwe emerged winners of the Afreximbank Financial Institutions Award 2025 for banking institutions with more than $500m and less than $500m capital respectively for having played a pivotal role in bridging the trade finance gap in Africa.
    • TRACE, a multimedia platform dedicated to the entertainment and empowerment of people of African descent won the Diaspora Business of the Year Award for their impact in strengthening continental and diaspora ties.

    African Export-Import Bank (Afreximbank) (www.Afreximbank.com) hosted the third edition of the Pan-African Business and Development Awards in association with the Business Council for Africa (BCA) on Wednesday June 25, 2025, at a colourful Gala Dinner attended by more than 400 dignitaries including business and political leaders from Nigeria, across Africa and the diaspora.

    The Pan-African Business and Development Awards, held annually during the Afreximbank Annual Meetings, are designed to celebrate and recognise transformative businesses and financial institutions within the African continent and in the diaspora in keeping with the Bank’s vision for a Global Africa.

    Export Trading Group (ETG), operational in nearly 20 countries on the continent, won the Global Africa Business Leader Award, 2025 for fostering economic growth across the continent and enhancing food security by connecting smallholder farmers with regional and global markets, improving livelihoods and boosting intra-African trade, reflecting Afreximbank’s mandate of fostering trade and economic growth across the continent. The company’s investments in storage, logistics, and processing infrastructure have helped reduce post-harvest losses and increased value addition.

    This year, TRACE, the multimedia platform dedicated to the entertainment and empowerment of people of African descent, won the Diaspora Business of the Year award for its impact in strengthening continental and diaspora ties through the vehicle of entertainment. Its mission is to uplift African identity through music, education, and storytelling. TRACE’s platforms reach and support over 5,000 artists and 1,000 brands annually. It employs hundreds across Africa, contributing hundreds of millions of dollars in value.

    Two banking giants were recognised in the Afreximbank Financial Institutions Award–2025. KCB Group Plc, Kenya’s largest bank by assets emerged winner of the award for banking institutions with more than $500m capital while CBZ Bank, also Zimbabwe’s largest Bank emerged winner of the Afreximbank Financial Institutions Award-2025 for banking institutions with less than $500m capital.

    KCB, which won in the same category in 2024, was recognised for facilitating local and cross-border trade finance through various products as well as mitigating risks inherent in trade on behalf of its customers. One of the first East African banks to enhance financial inclusion and economic growth, it has positioned itself as an enabler for businesses and consumers to transact efficiently across African borders.

    CBZ Bank from Zimbabwe has played a pivotal role in bridging the trade finance gap in Africa by leveraging strategic partnerships, introducing innovative products, and executing a comprehensive pan-African vision. During the 31st Afreximbank Annual meetings held in Nassau, The Bahamas last year, CBZ Bank and Afreximbank inked two deals (https://apo-opa.co/44ZDCxm) totalling $80 million consisting of US$60 million line of credit and $20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility signalling their continued collaboration aimed at promoting economic development.

    In a speech delivered on behalf of Professor Benedict Oramah, President and Chairman of Board of Directors at Afreximbank, the Bank’s Senior Executive Vice President, Denys Denya, said: “This Awards event is our way of saying thank you to everyone who, regardless of size or significance of your role, has contributed to furthering the course of development in Africa. I would like to take this opportunity to congratulate you. With these awards, we reaffirm our commitment to the shared goal of transforming the African economy and restoring the dignity of Africans, regardless of their geographic location.”

    Arnold Ekpe, former group CEO of Ecobank Transnational Incorporated and chair of the BCA, in his remarks, commented on the importance of recognising and celebrating institutions that contribute to Africa’s development, which he said, “has become the defining essence of Afreximbank.”

    A major highlight of the awards ceremony was the recognition of four long serving Afreximbank staff members for their dedicated service of between 25 and 30 years. This esteemed group included Professor Benedict Oramah who was honoured for over three decades at the Bank with ten years spent at the helm as President and Chairman of Board of Directors.

    Presenting the long service award to Prof. Oramah, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy said: “Tonight, we acknowledge not just a remarkable career, but a transformative journey spanning three decades. Under your leadership, the bank hasn’t just scaled; it has soared, championing strategies that have fundamentally reshaped trade and development across Africa. Nigeria is incredibly proud of your achievements, your leadership, and your unwavering commitment to the economic prosperity of our continent. You are a true son of the soil; a shining example of what dedication and vision can accomplish.”

    The Pan-African Business and Development Awards are hosted by Afreximbank in association with the BCA. The awards series was launched in 2023 to recognise those organisations and leaders that epitomise the pan-African spirit by leading the way in building substantive and transformative cross-border businesses.

    – on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

    Follow on Social Media: 
    X: https://apo-opa.co/4nVC0NN
    Facebook: https://apo-opa.co/44SE54f 
    LinkedIn: https://apo-opa.co/459VM0t 
    Instagram: https://apo-opa.co/44WtHZo

    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

    For more information, visit: www.Afreximbank.com

    Media files

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    MIL OSI Africa –

    July 19, 2025
  • MIL-OSI Canada: Minister Champagne concludes successful G7 and G20 meetings in South Africa

    Source: Government of Canada News (2)

    July 18, 2025 – Durban, South Africa – Department of Finance Canada

    With global political and economic uncertainty abounding, strong relationships and cross-continental collaboration with reliable nations has never been more important. Canada is spearheading a new era of collaboration and partnership with nations it can trust and whose priorities it shares.

    The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today concluded his participation in the G7 and G20 meetings of Finance Ministers and Central Bank Governors (FMCBG) in Durban, South Africa – a key engagement under Canada’s ongoing G7 Presidency and a demonstration of Canada’s commitment to strong international partnerships.

    At the G20 meeting, Minister Champagne outlined Canada’s vision for the global economy, as well as for the international financial architecture, international taxation and ways to improve longer-term growth prospects for Africa. Discussions during the meeting included the importance of sustainable finance and the role of resilient infrastructure in supporting economic development.

    The Minister leveraged the occasion to engage in a series of bilateral meetings with his counterparts, further strengthening Canada’s relationships and fostering collaboration with key global partners. This included meetings with Ministers from Indonesia, Australia, the United Arab Emirates, Norway, Sweden, Singapore, Italy, the United Kingdom, Saudi Arabia and  Japan, along with pull-asides with South Africa and Denmark.

    On the margins of the G20 meeting, Minister Champagne co-chaired with Tiff Macklem, Governor of the Bank of Canada, the fourth G7 Finance Ministers and Central Bank Governors’ meeting under Canada’s G7 Presidency. Discussions focused on ways to work together to reduce the ongoing trade and economic policy uncertainty, notably by establishing new uninterrupted trade routes with reliable partners and lifting existing barriers to trade. Russia’s illegal and unjust war against Ukraine, and actions to improve supply chain resilience including for critical minerals, were also discussed. Australia and South Korea joined the discussion on supply chains.

    During a short stay in Cape Town prior to the G7 and G20 meetings, Minister Champagne also met with local business leaders and government officials to advance Canada’s goals of partnership, economic development and innovation. 

    MIL OSI Canada News –

    July 19, 2025
  • MIL-OSI Video: EU Archives: Malta applies for EC membership, EIB lays foundation stone, Jacques Delors remembered

    Source: European Commission (video statements)

    From historic membership applications to architectural milestones and visionary leadership, this week in European Commission history offers a blend of diplomacy, legacy, and foundational moments. Explore highlights from our AV archives and delve into Europe’s evolving story with our weekly teaser. Dive further with us into the European Commission’s audiovisual archives and discover important anniversaries with our biweekly AV history teaser!

    Upcoming anniversaries in the teaser:
    · 1925: Commemorating 100 years since the birth of Jacques Delors, former Commission President
    · 1952: Treaty of Paris enters into force, founding the European Coal and Steel Community
    · 1990: Malta presents its application to join the European Community
    · 2005: Laying of the first foundation stone of the European Investment Bank’s new building in Luxembourg

    Get the complete material from our archive:
    https://europa.eu/!xRWB7N
    https://europa.eu/!CcnxFY
    https://europa.eu/!rJPFNw
    https://europa.eu/!HxQdpm

    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=oy23EpIZF4w

    MIL OSI Video –

    July 19, 2025
  • MIL-OSI USA: Virginia The Only State In America Where The Unemployment Rate Rose In June, Per U.S. Bureau of Labor Statistics

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

     The U.S. Bureau of Labor Statistics (BLS) today reported that the unemployment rate in Virginia rose again in June, to 3.5 percent. The BLS report notes that “Virginia had the only rate increase” in the month of June. This was the sixth consecutive increase in Virginia’s unemployment rate, the first time the Commonwealth’s unemployment has continuously risen over half a year since the Great Recession job losses of 2008-2009.

    Virginia’s rising unemployment rate comes amid the Trump Administration’s purges of thousands of federal workers and contractors across the Commonwealth, many of which are not captured in this data because they will not take effect until subsequent months. CNBC just downgraded Virginia in its annual “Top State for Business” rankings to the lowest point in nearly a decade, specifically citing “federal job cuts.” Recent mass firings by the Trump Administration are likely to substantially increase these cuts even further in coming months.

    The rising unemployment rate in Virginia may also be an early indicator of broader damage to the Commonwealth’s economy which Virginia-based forecasters warn could be severe. Yet despite these warnings and increasingly threatening strains on local governments, Governor Youngkin and Lieutenant Governor Earle-Sears have so far continued to support the Trump Administration’s mass layoffs and broader cuts to the federal government’s footprint in Virginia.

    Congressman Don Beyer (D-VA), who serves as the top House Democrat on the Congressional Joint Economic Committee, said:

    “With six monthly unemployment increases in a row and the only June increase in America, this can no longer be waived away: Virginia’s unemployment rate is clearly rising in a sustained way, and it is a certainty that this increase is being driven by the Trump Administration’s policies. Trump’s mass firings and cuts are draining Virginia’s economy, while also hurting the services Virginians depend on, and many of those cuts are not even showing up in the data yet. I fear it will only get worse as the number of workers purged rises and the economic damage spreads further to other sectors of our economy.

    “Governor Youngkin took office in 2022 at a time of historic job growth in Virginia, with an unemployment rate of 2.7 percent the day he was sworn in. Youngkin and  Sears are presiding over a worrying increase in Virginia unemployment, but rather than stand up and fight for Virginians, they are cheering it on for purely political reasons. It’s hard to imagine a worse indictment of their leadership, and Virginians deserve better.”

    Historical economic data, including unemployment rates for states including Virginia, is tracked by the Federal Reserve Bank of St. Louis (FRED).

    Rep. Don Beyer (D-VA) is the Senior House Democrat on Congress’ Joint Economic Committee, and serves on the House Committee on Ways and Means, which has jurisdiction over major economic levers include tax policy, trade, and Social Security. He previously served as Virginia’s Lieutenant Governor from 1990-1998.

    MIL OSI USA News –

    July 19, 2025
  • MIL-OSI: Five Star Bancorp Declares Second Quarter Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    RANCHO CORDOVA, Calif., July 18, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), announced today the declaration of a cash dividend of $0.20 per share on the Company’s voting common stock. The dividend is expected to be paid on August 11, 2025, to shareholders of record as of August 4, 2025.

    About Five Star Bancorp
    Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California. For more information, visit https://www.fivestarbank.com.

    Special Note Concerning Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the three months ended March 31, 2025, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

    The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

    Investor Contact:
    Heather C. Luck, Chief Financial Officer
    Five Star Bancorp
    (916) 626-5008
    hluck@fivestarbank.com

    Media Contact:
    Shelley R. Wetton, Chief Marketing Officer
    Five Star Bancorp
    (916) 284-7827
    swetton@fivestarbank.com

    The MIL Network –

    July 19, 2025
  • MIL-OSI Submissions: ‘People who spent years saving lives are now struggling to survive’ – how we witnessed Trump’s USAID cuts devastate health programmes in Kenya

    Source: The Conversation – UK – By Rachael Eastham, Lecturer in Young People’s Health Inequalities, Division of Health Research, Lancaster University

    Homabay, Kenya, in February 2025. Rachael Eastham, CC BY

    My phone wouldn’t stop ringing – nurses, social workers, young mothers – all begging for help. ‘I’ve lost my job,’ ‘I have no food,’ ‘What do we do now?’ I felt helpless.

    These are the words of Rogers Omollo, founder and CEO of Activate Action – a youth-led non-profit organisation that supports young people with HIV and disabilities in Homa Bay, a town in west Kenya on the shores of Lake Victoria.

    As specialists in youth and sexual and reproductive health, we were on a field trip to learn from Omollo and others like him. We wanted to find out about the work they were doing to tackle HIV, stigma and health inequalities.

    But our time there was dominated by one thing: President Donald Trump’s executive order which put almost all international spending by the United States Agency for International Development (USAID) on pause for a 90-day review and subsequently took a wrecking ball to all international aid programmes funded by the US.

    In July, research published in The Lancet medical journal found that the US funding cuts towards foreign humanitarian aid could cause more than 14 million additional deaths by 2030, with a third of those at risk of premature deaths being children. Davide Rasella, who co-authored the report, said low- and middle-income countries were facing a shock “comparable in scale to a global pandemic or a major armed conflict”.

    In the immediate aftermath, we saw firsthand the profound impact the “pause” had in this community. Activate Action is not directly funded by USAID, but as we followed in the footsteps of our host, Omollo, meeting the organisation’s collaborators and beneficiaries, the true extent of the funding freeze became shockingly apparent.

    Places like Homa Bay relied heavily on USAID funding to keep hospitals and clinics running, to ensure access to essential medicines, and to support reproductive health and HIV programmes. The executive order, in principle, resulted in the immediate halting of over US$68 billion (£51 billion) in foreign aid, a substantial portion of which supports lifesaving reproductive health and HIV programmes worldwide.


    The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.


    As we walked through abandoned offices and healthcare facilities speaking to bewildered people out of work and in need of critical services in February 2025, the chilling reality set in. Omollo reflected:

    People who have spent years saving lives are now struggling to survive. The clinics are empty, the hope in their voices fading. It broke my heart. I wanted to scream, to fix it, but the truth hit hard – we can’t depend on one lifeline. If funding stops, lives should not. We must build something stronger, something that lasts.

    Research shows that global financial strain can foster a conservative political climate. For example, the global financial crisis of 2008 has been associated with the rise of right-wing populism.

    The current populist political climate is demonstrably hostile towards matters like reproductive health and rights. There are reports that reproductive rights are “backsliding” globally. For example, in the US abortion services have been increasingly restricted. In countries like Kenya, this is compounded by the longstanding global tendency towards anti-African or anti-black sentiment reflected in the foregrounding of stories that primarily depict Africa as a problem or a failure.

    So, before we even set off on our research trip to unite sexual and reproductive health advocates and collaborate with African partners, we knew we were swimming against this tide.

    Final figures remain unclear but in early 2025, the abrupt suspension of an estimated US$500 million of funding to Kenya was suggested by Amnesty International to have led to the layoff of 54,000 community health workers – many of whom had been part of robust, locally led responses to HIV, tuberculosis and malaria.

    The decision to do this was driven by US audit and efficiency “reevaluations” over 8,000 miles away in Washington. Decisions were made and implemented by small numbers of people within the Trump administration including Elon Musk, whose estimated individual wealth far exceeds the gross domestic product of many entire east African nations, including Kenya.

    Despite years of progress in community-based healthcare systems managed by Kenyans just like Activate Action, these cuts by one external donor disrupted critical services overnight. This also demonstrated that African health systems, no matter how effective, remain subject to profound external control.

    Our project was funded in October 2024, before Trump’s re-election. One week of activities in the UK, one week in Kenya. By the time Activate Action visited Lancaster, in the north of England, in January 2025, we had already started to raise eyebrows as our colleagues began receiving communications from USAID-funded initiatives about pausing projects. Two weeks later, by the time we gathered in Kenya, the immediate human cost was clear to see.

    ‘The field has been eviscerated’

    We sat at the back of a meeting observing training for an Activate Action initiative that would see community health champions offer peer support for their neighbours on safer sex and HIV prevention. In a building that was usually busy and populated by USAID-funded staff, the lights remained on in only one room.

    Before visiting Homa Bay, we knew of its reputation when it came to the so-called triple threat of gender-based violence, HIV infection and teenage pregnancy rates – all of which disproportionately affects this semi-rural county in west Kenya.

    As we watched the training, a colleague based in Europe (who was instrumental in connecting some of the members of our group) texted after learning we were in Kenya, saying:

    It’s terrifying. Document it. No one gets it. The field has been eviscerated.

    So, what did this evisceration look like?

    Staff directly affected by the order were either not permitted to talk about what was happening on the record or didn’t feel safe doing so. We spoke to at least five people who told us directly they couldn’t “speak out” and were nervous about us taking any photographs.

    An Activate Action event on International Condoms Day in February 2023.
    Rogers Omollo, CC BY

    We saw how scores of people were served their notice to cease projects, backdated and effective immediately – a stop work order, followed by (for reasons with cloudy legal foundations) official terminations to contracts. Their economic and professional futures left hanging in the balance.

    As we navigated workshops and meetings, Omollo (now unexpectedly advantaged through Activate Action not being USAID-funded) continued to receive multiple texts, calls and emails from people seeking work.

    A researcher we know working on a USAID supported HIV and maternity care project described doing frantic overtime in the face of uncertainty. She needed to put in hours of extra (unpaid) work to communicate with research participants as it would not be ethical to abruptly disappear on people currently engaged in an active research programme.

    She had no way to manage expectations with those she spoke to and no way of knowing if they were saying a final “thank you and goodbye” to the people she had been working with for months. Despite the descriptions of USAID project funds being “paused”, she was quickly served a full termination of employment notice.

    In east Africa, where this sudden and mass unemployment of vital technical and administrative staff is happening, more than half of young people aged 15-35 are unemployed. The rate is even higher among young women in rural areas (up to 66%.)

    A greater horror unfolds when you consider who these unemployed workers are usually paid to help because they serve communities with some of the highest needs related to HIV, teenage pregnancy and gender-based violence.

    The youth health facility we visited, for example, was locked up when we arrived. We sat in stunned silence in an empty three-roomed building with a youth HIV counsellor. We were shown photographs that showed how it was once a vibrant and busy place.

    Locked up youth health facility.
    Rachael Eastham, CC BY

    Here, the free services and information on HIV, contraception and mental health was being delivered by skilled and non-judgmental youth specialists. But it was closed down from January 20, 2025 and its future remains uncertain. A free condom dispenser outside lay empty, all supplies given out on closure day in a last ditch attempt to help young people remain safe over the coming weeks.

    In Homa Bay, huge achievements have been made in addressing teenage pregnancy and adolescent HIV infection in recent years. There has been a remarkable decline in prevalence rates, new infections, and HIV-related deaths, aided by robust treatment programmes that contribute to better health. People have been living with HIV at undetectable levels, therefore unable to transmit infection. But this “safe” status requires ongoing treatment with antiretroviral medication.

    What now in the absence of USAID?

    But at the time of our visit, the delivery of antiretroviral therapy was becoming more restricted and would require collection by the user every three weeks, rather than the usual three months, therefore lasting the user a shorter time. To service providers we spoke to, this increase in the frequency of collection of medication was known to be a significant barrier for people having to travel long distances more frequently without transport to get their supply replenished.

    Omollo explained to us that Homa Bay is also a medication hub, of sorts. People come here from other communities where, due to stigma, the risks of being identified as someone who is HIV positive in their own communities are much higher.

    Successes notwithstanding, Homa Bay county’s teenage pregnancy rate is over 20% and HIV prevalence is some of the highest in Kenya (15.2% overall in Homa Bay, higher than the national average of 3.7%), with 75% of new HIV infections across the country affecting young people aged under 34. There are almost as many people living with HIV in Homa Bay county as there are in the whole of the UK and many are children. In other words, the demand for accessible and sustained services is high and the impact of their absence is huge.

    Every conversation we had yielded new information about the reality. Gender-based violence projects were also suspended, in part because of the Trump administration’s intentions to end “gender ideology”. A service provider joked despondently during a presentation how: “I got sacked for saying gender.”

    In Kenya, femicide (the murder of women or girls because of their gender) has been described as a “crisis” requiring urgent action. In Homa Bay specifically, the sexual and gender-based violence statistics are higher than national averages and have been on the rise, especially among young people.

    This follows alarming countrywide coverage about femicide across Kenya including high profile and horrifying cases such as that of the Ugandan athlete Rebecca Cheptegei.. Official figures are unclear but there are currently widespread protests and calls to action related to this injustice.

    Activate Action had recently won one USAID award focusing on men living with HIV and substance use problems (factors that are both implicated in gender-based violence). Since the USAID funding freeze this offer has instantly been dissolved with no expectation of reinstatement.

    Meanwhile, the fight against cervical cancer – the leading cause of cancer death in Kenya – has also been hit.
    Human papilloma virus (HPV) vaccination campaigns across the county have stalled, despite the fact the vaccines help prevent cervical cancer.

    At one point, a 23-year-old mother of three small children asked us directly if we found it troubling (as she did) that she will not be able to receive maternal healthcare and her contraception. The list of effects is grim and feels endless.

    Collateral damage

    When our group convened for a workshop at a community venue with sexual and reproductive health and rights staff from across the area, the chatter was similarly focused on the effects of the USAID funding freeze, but this time in the direct shadow of operations.

    Next door, four-wheel drive Jeeps had been recalled and locked behind USAID premises gates, gathering dust instead of being out in the field delivering HIV outreach services. They represented the stasis of operations more widely.

    Dr Peter Ibembe, from a party of service providers visiting from Uganda, was formerly a Programme Director for the non-governmental organisation Reproductive Health Uganda where he was in charge of service delivery. He spoke to us about the atmosphere:

    An eerie tone of quiet has descended on the place. Many have been suddenly rendered jobless; creating mental stress, depression, anxiety. But there has also been an indirect effect on the wider community through the entire value chain: landlords, banks and other credit institutions; food vendors; gas stations; transportation facilities and companies; hotels, restaurants and lodges; schools hospitals and the like.

    Everyone has been left in limbo. Kenya, despite gradual improvements, is a lower middle income country. Poverty identified by the World Bank as a key development challenge for the nation with, in 2022, over 20 million Kenyans identified as living below the poverty line. So these knock-on effects can be drastic.

    At an organisational level we also saw clearly how the boundaries of any one project running within any organisation cannot be neatly drawn, nor can projects be plucked from this matrix discretely in the way we might imagine when we hear how “USAID projects” have been suspended. This way of thinking profoundly undermines the reality of what these cuts mean because many projects are interdependent and interrelated. Omollo added:

    Whilst Activate Action was not directly funded by USAID, the overall reduction in health services affects the community they serve. The lack of support for HIV prevention, mental health and economic empowerment programmes placed additional strain on grassroots organisations like us … which have had to fill gaps with limited resources.

    Omollo taking a selfie with Activate Action on International Condoms Day in February 2023.
    Rogers Omollo, CC BY

    Services the world over, especially community based services, usually operate with multiple funding streams each providing different projects. Naturally the people, resources and activities overlap. To stress, this is not evidence of the “corruption” the Trump administration claims it wants to weed out, but it is the reality of how services reliant on external funding work.

    It is usual that a patchwork of project grants function together to keep the doors open and the lights on. In fact, the sharing of operational resource is what bolsters an organisation’s capacity to serve its communities most effectively.

    Considering “USAID projects” as single discretely bounded entities belie the messy complexity of how community and healthcare services work.

    For another example of this kind of inter-connection, look no further than “table banking”. Table banking has been described as a “microcredit movement by women and for women” – effectively a DIY bank. We saw table banking used at Activate Action’s Street Business School, an initiative that tackles HIV through training women and building economic sustainability so they do not become trapped in poverty which may force them into have transactional sex. From a seated circle under trees, we watched as the collective pay in and take out loans to support their businesses from a central informal “bank account”.

    Beneficiaries from this project continue to come together every Thursday, pooling finances and taking loans to sustain their business needs for the coming week (for example, buying stock for their market stalls). They told us how they are planning to collaborate on a catering business which will mean the older, sicker members of the group remain able to work and earn.

    Similarly, Omollo told us how “a bit like table banking”, among his friends and colleagues, they also pool finance on a weekly basis to tick off items on a collective shopping list. He said: “One week we buy for one person, the next week, the next person and so on, until we all have a microwave.”

    These demonstrations of microfinance arguably present, however idealistic, inspiration for a more financially sustainable future whereby its principles offer a “light of hope” at grassroots level, possibilities for nations in meeting sustainable development goals and, crucially in this context, freedom from dependency on external donors.

    Social dictators of health

    When we planned this exchange project, we wanted to work with Activate Action because of our shared interests.

    Its explicit focus on the “social determinants of health” (the non-medical factors that affect health) is a refreshing departure from so many health programmes that seek to intervene on a person’s behaviour without attending to how it may be shaped by the wider social system.

    For example, in the case of Homa Bay, Activate Action works to address root causes, such as poverty. Poverty means that transactional sex (which could be sex for food or period products) is common. Unsafe sex can be a hallmark of these sexual encounters, increasing HIV risk and transmission. Helping women build businesses, earn their own money to buy food and make their own period pads, reduces the need to trade sex for necessities.

    As we sat discussing the various ways the cancelling of USAID would have devastating effects on different programmes and so the lives of different people, we realised how myriad social determinants – such as income, unemployment and healthcare services – are overwhelmingly contingent on distant regimes. Regimes run by people who seem to demonstrate little regard for the lives of disadvantaged and minoritised people.

    No period of consultation, no management of expectations – a profound example of how bigger systems that govern our social lives can, in fact, dictate the outcomes of our health.

    Antiretroviral drugs for HIV literally keep people alive and prevent transmission to others. Efforts to critique the USAID freeze by the inspector general of USAID, Paul Martin, saw him sacked. Again, no reason was given, and the White House did not have any comment.

    When we were trying to explore whether termination notices for staff in Kenya were even legal, one media report about a judicial effort to halt the USAID stop work order noted that Trump has a “high threshold for legal risk”. An insight into what type of threats we may need to consider when trying to understand risks to and protections for health in the future.

    Dr Ibembe, who provided closing remarks to our workshop, highlighted how “the effect of USAID cuts on the east African development landscape has been nothing short of seismic. It has created an environment of uncertainty, fear and stress. In some instances, up to 80% of health-related initiatives are donor supported. The funding and operational gap created is almost insurmountable.”

    This reliance on external financial support and limited domestic financing in Kenya and other sub-Saharan African countries is common. This makes a nation vulnerable. Kenya also experiences substantial “donor dependency” especially across the health system which makes it harder to absorb the shock of a donor pulling funds.

    In other words, this is a highly precarious system that is going through a shock which it will find incredibly difficult to withstand.

    The situation is a stark reminder of just how unfair the power dynamics are that dictate African health governance and sovereignty.

    Conversations about reducing the dependence of countries like Kenya on external donors have been going on for a long time. Throughout it has been acknowledged that any transition away from donor dependence needs to be carefully managed to avoid upsetting all the gains that have been made through initiatives like those funded by USAID. This has been completely impossible given the pace of change since January 2025 when the USAID stop work order came into play.

    African solutions to African problems

    The question now is not merely how African institutions will survive these disruptions but how they will leverage them as an impetus for change. Discussions about donor dependency arguably contribute to the framing of African states and institutions that are economically vulnerable and a “risk”. This in turn creates a negative bias that has recently been identified as costing African nations billions in lost or missed investment opportunities.

    While financial constraints are a reality, the dominance of stereotypes also means we may overlook the effective strategic responses and resilience demonstrated by African organisations over the years. The challenge is not simply to reduce donor reliance but to reposition African institutions as key architects of health solutions through approaches that emphasise ownership, sustainability and regional integration.

    Omollo talking to The Street Business School in January 2023.
    Rogers Omollo, CC BY

    The Afya na Haki (Ahaki) institute provides a clear example of this shift towards what they refer to as “Africentric” models of health governance. The aim is to build African solutions to African problems.

    This approach is anchored on four key pillars: amplifying positive African narratives; strengthening engagement with African regional institutions; supporting and fostering collaboration among African non-governmental organisations (NGOs) and other organisations; and bringing together African experts and communities to create knowledge that reflects local realities and needs.

    Yet, restrictive policies that pre-date the USAID cuts such as the global gag rule which means NGOs are prohibited from receiving any US government funding if they provide, advocate for, or even refer to abortion services, have significantly disrupted this work, forcing institutions to rethink their operational strategies. An Ahaki staff member told us how their core focus on empowering Africans has been “thrown into disarray”.

    Research that puts African stories and priorities front and centre is crucial – not just for shaping policies but for shifting the focus from dependence on external aid to African-led solutions and self-determination.

    ‘Hope hasn’t disappeared’

    Within days of the USAID executive order on January 20, the USAID website was unreachable and our colleagues in Homa Bay sat reeling. By February 14, just after our visit, it was confirmed that a federal judge had successfully blocked the funding suspensions, although the relevance of this for people and projects like those we met in Homa Bay, whose contracts had already been terminated, was limited.

    This executive order is one of many that has triggered global shockwaves. But for every action there is a reaction and we have also witnessed international resistance, from protests of USAID and nonprofit workers in Washington, to 500 Kenyan community workers demanding their unpaid salaries.

    Musk’s company Tesla has been subject to widespread boycott and coordinated protest by “Tesla Takedown” in over 250 cities around the world. Canada has also made strides to reject American imports and strengthen its domestic markets, building greater independence from the USA, echoing desires of many African nations in relation to US donor dependence.

    Musk suggested that USAID needs “to die” due to widespread corruption – an assertion that remains unsubstantiated. However, the violence and damage of this sentiment is being realised. As the sites we visited remain eerie and empty, gathering dust, our immediate concern is for the people and communities that agencies once funded by USAID represent and serve.

    Omollo, and others like him, are now finding new ways to navigate these problems. The ripple effects of the USAID funding freeze have hit hard, programs have stalled, uncertainty has grown and communities are feeling the strain.

    “But in the cracks, we’ve found ways to adapt,” he said. “At Activate Action, we’ve leaned on local partnerships, stretched every resource, and kept showing up for young people. Hope hasn’t disappeared; it’s just become something we fight for daily.”


    For you: more from our Insights series:

    • Beatrix Potter’s famous tales are rooted in stories told by enslaved Africans – but she was very quiet about their origins

    • Engineering hope: how I made it my mission to help rebuild Ukraine’s critical infrastructure

    • Inside Porton Down: what I learned during three years at the UK’s most secretive chemical weapons laboratory

    • Ignored, blamed, and sometimes left to die – a leading expert in ME explains the origins of a modern medical scandal

    To hear about new Insights articles, join the hundreds of thousands of people who value The Conversation’s evidence-based news. Subscribe to our newsletter.

    We would like to acknowledge the specific contribution of Rogers Omollo from Activate Action in developing this article.

    Christopher Baguma works with Afya na Haki as a Director of Programmes.

    – ref. ‘People who spent years saving lives are now struggling to survive’ – how we witnessed Trump’s USAID cuts devastate health programmes in Kenya – https://theconversation.com/people-who-spent-years-saving-lives-are-now-struggling-to-survive-how-we-witnessed-trumps-usaid-cuts-devastate-health-programmes-in-kenya-256250

    MIL OSI –

    July 19, 2025
  • MIL-OSI USA: Acting Chairman Caroline D. Pham Statement on Crypto Week and Digital Asset Legislation

    Source: US Commodity Futures Trading Commission

    WASHIGNTON, D.C. – Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today praised the passage of digital asset legislation by the House of Representatives.
    “This week marks a significant milestone in the Trump Administration’s commitment to embrace the promise of digital assets and make America the crypto capital of the world. The GENIUS Act, which is now headed to the President’s desk, will open a new chapter in financial services. The House also took an important step forward in advancing the CLARITY Act, a long-awaited framework for the regulation of digital asset markets.
    “Under President Trump’s strong leadership and clear vision, Crypto Week is the beginning of America’s golden age of digital asset innovation. The CFTC stands ready to fulfill our mission and oversee our markets that enable U.S. economic growth and competitiveness. The future is bright.
    “Congratulations to House Agriculture Committee Chairman GT Thompson and Senate Agriculture Committee Chairman John Boozman, as well as Senate Banking Committee Chairman Tim Scott, House Financial Services Committee Chairman French Hill, Senators Bill Hagerty and Cynthia Lummis, Representatives Bryan Steil and Dusty Johnson, and Speaker Mike Johnson, Majority Leader Steve Scalise, Majority Whip Tom Emmer, Majority Leader John Thune, their staffs and all who played a role in making this week possible.”

    MIL OSI USA News –

    July 19, 2025
  • MIL-OSI Russia: In the first half of the year in Uzbekistan, the volume of foreign currency trade between banks and the population increased by 24 percent.

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Tashkent, July 18 (Xinhua) — In the first six months of 2025, the volume of foreign exchange transactions between banks and individuals in Uzbekistan amounted to 14.5 billion US dollars. This is 24 percent more compared to the same period last year, local media reported on Friday, citing the Central Bank of Uzbekistan.

    According to the report, banks purchased $9.1 billion from the population in the first half of the year. This is 27 percent more than in the same period last year.

    The volume of currency sold by banks to individuals amounted to $5.4 billion, which is 18 percent more than in the same period last year.

    In 2024, the total volume of foreign currency trade between banks and the population in Uzbekistan amounted to $25.5 billion. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

    July 19, 2025
  • MIL-OSI USA: Cammack Applauds Passage of $9 Billion Recissions Package

    Source: United States House of Representatives – Congresswoman Kat Cammack (R-FL-03)

    Washington, D.C. — Today, Congresswoman Kat Cammack (FL-03) released the following statement after the U.S. House of Representatives passed the Senate-amended version of H.R. 4, the Recissions Act of 2025, which eliminates $9 billion in wasteful spending uncovered by DOGE. This legislation now heads to President Trump’s desk for his signature. 
     
    “The American people are tired of footing the bill for unchecked government agencies, watching their hard-earned money shipped overseas, and funding woke nonsense disguised as policy,” said Congresswoman Cammack. “This rescissions package is just the beginning, but it’s a critical step toward restoring fiscal sanity in Washington and putting American taxpayers back in the driver’s seat. I’m proud to stand with President Trump and my Republican colleagues to ensure our federal budget works for the American people—not against them.”
     
    Background:
    Congresswoman Cammack has championed the fight to defund the Corporation for Public Broadcasting, by co-authoring the Defund NPR Act alongside Senator Jim Banks to stop the flow of taxpayer dollars to politically biased media outlets. The Rescissions Act of 2025 builds on that effort, clawing back billions in federal funding identified as waste by the Department of Government Efficiency (DOGE), including:

    • $1.1 billion for the Corporation for Public Broadcasting (CPB), including NPR and PBS
    • $135 million to the World Health Organization
    • $18 million to improve gender diversity in Mexican street lighting
    • $4.4 million for a Melanesian Youth Climate Corps
    • $3.9 million for LGBTQI+ advocacy in the Western Balkans
    • $2.5 million to teach children about environmentally friendly “reproductive health” choices
    • $300,000 for a pride parade in Lesotho
    • $500,000 for electric buses in Rwanda
    • $500,000 for a gender equality and empowerment hub
    • $33,000 for LGBT programming in the Caribbean
    • $8,000 to promote vegan food in Zambia

    ###

    MIL OSI USA News –

    July 19, 2025
  • MIL-OSI Africa: G20 members commit to addressing debt vulnerabilities

    Source: Government of South Africa

    Members of the G20 have pledged to address the mounting debt pressures in low and middle-income economies amid the global financial turbulence.

    This is according to Deputy Finance Minister Dr David Masondo who addressed a media briefing on Friday following the third G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting held in Kwa-Zulu Natal this week.

    Developing and emerging economies – particularly those in Africa – are grappling with high and rising debt vulnerabilities, shrinking fiscal flexibility and high borrowing costs.

    “[Members]…reaffirmed their commitment to further strengthen the implementation of the G20 Common Framework. To give effect to this, the G20 FMCBG endorsed the G20 Note on Lessons Learned from the Initial Common Framework Cases and the G20 Note on Steps of a Debt Restructuring under the Common Framework.

    “These documents have been published on the G20 website. In addition, fact sheets on the Common Framework country cases for Chad, Zambia and Ghana have also been published on the G20 and Paris Club websites to improve information sharing,” he said.

    WATCH | Closing media briefing

    [embedded content]

    In further discussions, the members also acknowledged the G20 Note on Special drawing rights [SDRs] which, the Deputy Minister said, “highlights the achievement of exceeding $100 billion in voluntary channelling of SDRs or equivalent contributions for countries in need.”

    The pledges to this currently stand at some $113.8 billion coming from 35 countries. 

    “Members also underscored the need for enhancing the representation and voice of developing countries in decision-making in MDBs [Multilateral Development Banks]and other international economic and financial institutions.

    “Members recognised the relative resilience of capital flows in Emerging Market and Developing Economies [EMDEs] despite heightened global policy uncertainty – underscored by strong macroeconomic fundamentals and sound policy frameworks.

    “They also highlighted the growing influence of non-bank financial institutions [NBFIs] and stressed the importance of gaining a deeper understanding of their impact on these flows. Members further emphasised the significance of structural reforms in fostering long-term sustainable capital flows to EMDEs,” said the Deputy Minister.

    Energy transitions

    Regarding energy transitions, Masondo said during the meeting, Ministers and central bank Governors considered key recommendations for “enhancing collaboration among Vertical Climate and Environment Funds, Multilateral Development Banks, National Development Banks and the private sector”.

    “Members reaffirmed the urgency of scaling up financing for adaptation and just transitions and reflected on key recommendations emerging from a comprehensive analysis undertaken by multiple knowledge partners. These included guidance on integrating adaptation into voluntary transition planning, addressing insurance protection gaps, scaling financing mechanisms, and strengthening enabling environment.

    “[They] also received an update on the work of the Climate Data Steering Committee, which has developed a set of principles for the development of a Common Carbon Credit Data Model aimed at promoting interoperability and improving transparency of carbon markets. 

    “They noted that the draft data model is currently undergoing a public consultation with both the private and public sectors,” the Deputy Minister said.

    The full communique of the third FMCGB meeting is available at https://www.treasury.gov.za/comm_media/press/2025/3rd%20G20%20FMCBG%20Communique.pdf and on the g20.org website. 

    READ | Fair trade is key cog in global economy 

    The Third Meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) took place on 17 and 18 July 2025 in Durban.

    READ | Global challenges require ‘bold, cooperative leadership’ – Godongwana

    The National Treasury and the South African Reserve Bank are jointly responsible for overseeing the work of the G20 Finance Track under the co-chairship of Finance Minister Enoch Godongwana and Reserve Bank Governor Lesetja Kganyago.
    – SAnews.gov.za

    MIL OSI Africa –

    July 19, 2025
  • MIL-OSI Africa: Fair trade is a key cog in global economy

    Source: Government of South Africa

    Amidst the global economy facing heightened uncertainty and complex challenges, the Deputy Minister of Finance, Dr David Masondo, has emphasised the importance of fair trade.

    The global economy is experiencing ongoing wars and conflicts, geopolitical and trade tensions, disruptions to global supply chains, high debt levels, and frequent extreme weather events and natural disasters, which affect economic growth, financial and price stability.

    To address the existing and emerging risks to the global economy, the Group of Twenty (G20) Finance Ministers and Central Bank Governors (FMCBG) meeting that was held in Durban this week, pledged to strengthen multilateral cooperation to address existing and emerging risks to the global economy.

    The meeting also recognised the importance of the World Trade Organisation (WTO) to advance trade issues and the agreed-upon rules in the WTO as an integral part of the global trading system. 

    It also recognised that the WTO has challenges and needs meaningful, necessary, and comprehensive reform to improve all its functions, through innovative approaches in order to be more relevant and responsive in light of today’s realities.

    “We are living in a globalised economy. Multinational companies are producing in different sovereigns in geographic spaces and as they produce you don’t want them to find it difficult to have access to markets.

    “If it is difficult for them to get access to the market, they are not going to realise profits and they won’t reinvest into the growth of the economy. This meeting emphasised that it [is]important for us to be a rules-based world. It’s important for us to run our global economy through multilateral platforms,” the Deputy Minister said on Friday at a media briefing held at the conclusion of the FMCBG.

    WATCH | Closing media briefing

    [embedded content]

    The Ministers and Governors agreed to bolster long-term growth potential by pursuing growth-oriented macroeconomic policies, while building fiscal buffers, ensuring fiscal sustainability, encouraging public and private investments, undertaking productivity-enhancing reforms and safeguarding central bank independence to maintain price stability.

    “Structural reforms are essential for generating strong economic growth and creating more and better jobs.

    “All excessive imbalances should be further analysed by the International Monetary Fund (IMF) and, if necessary and, without discrimination, addressed through country-specific reforms and multilateral coordination, in a way that contributes to an open global economy and without compromising sustainable global growth,” the FMCBG communique said.

    Central banks affirmed a strong committed to ensuring price stability, consistent with their respective mandates and will continue to adjust their policies in a data-dependent manner. 

    “Central bank independence is crucial to achieving this goal,” the communique said. 

    Meanwhile, members of the G20 have pledged to address the mounting debt pressures in low and middle-income economies amid global financial turbulence.

    READ | G20 members commit to addressing debt vulnerabilities

    This as developing and emerging economies – particularly those in Africa – are grappling with high and rising debt vulnerabilities, shrinking fiscal flexibility and high borrowing costs.
    –SAnews.gov.za
     

    MIL OSI Africa –

    July 19, 2025
  • MIL-OSI USA: Welch, Merkley, Van Hollen, Sanders Denounce Threats to West Bank Communities 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – Following Israeli Prime Minister Benjamin Netanyahu’s visit to the United States last week, U.S. Senator Peter Welch (D-Vt.) joined U.S. Senators Jeff Merkley (D-Ore.), Chris Van Hollen (D-Md.), and Bernie Sanders (I-Vt.) in issuing the following statement in response to the Israeli Higher Planning Council’s directive on June 18 to reject all zoning and building permits in Masafer Yatta that are not compliant with Israeli military training needs: 
    “We are deeply alarmed by the Israeli Higher Planning Council’s decision to reject all planning and zoning requests in Masafer Yatta that do not align with the Israeli Defense Force’s training needs. This directive places at least 12 Palestinian villages under the threat of imminent demolition – all while illegal Israeli outposts in the area remain untouched. 
    “For decades, the Israeli government has denied residents of Masafer Yatta building permits, confiscated their agricultural lands, and demolished key infrastructure. Taken as a whole, the Council’s decision as well as the recent announcement of 22 new settlements across the West Bank, rising extremist settler violence, and a petition from cabinet ministers urging Netanyahu to apply Israeli sovereignty and law over the West Bank before the end of the month, advance a broader project of de jure and de facto Israeli annexation aimed at preventing the formation of a future Palestinian state. Forced evictions, demolitions, settler violence, and rapid settlement expansion all exacerbate tensions in an already volatile region and put any peaceful future for Israelis and Palestinians further out of reach. 
    “With the ceasefire between Israel and Iran still tenuous and the humanitarian crisis in Gaza already dire, the Netanyahu government’s continued reckless policy in the West Bank is deeply alarming. The Masafer Yatta directive is part of that trajectory, one that pushes us further from a future Palestinian state living peacefully alongside the state of Israel and toward permanent occupation. 
    “We refuse to look away from the injustice unfolding in Masafer Yatta and the escalating violence in the West Bank at large, which has now claimed the lives of five Palestinian Americans since October 7. To ensure lasting peace and stability in the region, we call on the Israeli government to revoke the Higher Planning Council’s directive, impose an immediate moratorium on all demolitions and evictions, halt further military training exercises in Masafer Yatta, and take immediate action to de-escalate the growing violence in the West Bank.” 

    MIL OSI USA News –

    July 19, 2025
  • MIL-OSI United Kingdom: UK statement: response to E1 settlement plan in the occupied West Bank

    Source: United Kingdom – Executive Government & Departments

    News story

    UK statement: response to E1 settlement plan in the occupied West Bank

    The UK has issued a statement in response to the announcement by Israel’s Civil Administration to reintroduce the E1 settlement plan in the occupied West Bank

    A Foreign, Commonwealth and Development Office (FCDO) spokesperson said:

    The UK strongly opposes the announcement by the central planning bureau of Israel’s Civil Administration to reintroduce the E1 settlement plan, frozen since 2021.

    This plan would build over 3000 houses to the east of Jerusalem, dividing a future Palestinian state in two, and marking a flagrant breach of international law.

    If implemented, the E1 settlement plan would critically undermine the two-state solution – the only route to a lasting peace for both Israelis and Palestinians.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

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    Updates to this page

    Published 18 July 2025

    MIL OSI United Kingdom –

    July 19, 2025
  • MIL-OSI Africa: Key industry support for C&I Energy + Storage Summit Zambia 2025

    Source: APO

    The C&I Energy + Storage Summit Zambia (https://apo-opa.co/3IzeiGS), a landmark event for the Southern African Development Community (SADC) region, is set to launch on 27-28 August 2025 at The Pamodzi Hotel in Lusaka.

    The C&I Energy + Storage Summit Zambia introduces a dynamic platform to tackle energy challenges and deliver sustainable solutions for Zambia’s commercial and industrial (C&I) sectors. As part of the Power and Energy Portfolio of VUKA Group, a leading organiser of transformative industry events across Africa, this Summit will drive the SADC region’s energy future.

    “The region has the potential to respond to the demand for sustainable energy. It is undisputable that the SADC region can do better. But what we lack in our region is collaboration”, says Mr Makozo Chikote, Zambia Minister of Energy.

    Endorsements, Partners, and Sponsors

    The Summit is proudly endorsed by key industry associations and supported by a robust network of partners and sponsors committed to advancing Zambia’s energy landscape. Zambia Ministry of Energy, Zambia Development Agency (ZDA), Zambia Association of Manufacturers (ZAM), and the Pan African Chamber of Commerce and Industry (PACCI) have partnered with the event, which underscores C&I Energy + Storage Summit Zambia’s role in promoting policy advocacy, technology adoption, and investment in renewable energy. ZESCO is the proud host utility of the Summit, and they are joined by key sponsors such as Enerj, Hexing, WEG, and Vertiv.

    Advisory board comprising influential industry stakeholders

    Guiding the Summit’s direction is a distinguished Advisory Board of industry experts and thought leaders who shape the programme to address pressing challenges in commercial and industrial energy security. https://Energy-StorageSummit.com Board members include:

    • Ian Griffiths, Solar and Hydro Projects Developer
    • Johnstone Chikwanda, Global Ambassador of Energy and Climate Change, Forum of African Traditional Authorities (FATA)
    • Mbiko Banda, Electrical Engineer and Research Lead, Africa GreenCo
    • Rodgers K. Muyangwa, Senior Manager Research and Pricing – Economic Regulation, Energy Regulation Board
    • Rose Chikotola-Sichizya, Co-ordinator, Proudly Zambian Campaign
    • Liana Braxton, Managing Director, Sosimple Energy
    • Chimuka Nketani, Director: Investment, Zambia Development Agency
    • Brian Tahinduka, Energy Head: Africa Regions, Standard Bank

    Their expertise ensures sessions are relevant, informative, and aligned with stakeholder needs.

    Confirmed speakers

    The Summit features speakers who bring real-world experience from across the energy value chain, including pioneers in embedded generation, PPAs, and Zambia’s open-access framework. Notable speakers include:

    • Billy Onyango, Renewable Energy Consultant, Kenya Power
    • Chabuka Kawesha, Chairperson, Vice President (South Block), Pan African Chamber of Commerce and Industry
    • Chikoma Kazunga, Head of Business Development and New Ventures, Africa GreenCo
    • Helen Zulu, Country Director, ENGIE Energy Access Zambia

    These experts will share stories, challenges, and lessons learned to help attendees futureproof operations, secure financing, and scale clean energy solutions.

    Contact Babalwa Bungane for speaking opportunities at the Summit: Babalwa.bungane@wearevuka.com

    Download the Programme (https://apo-opa.co/4lL3LXN)

    Complimentary access for pre-qualified C&I project owners

    Designed for businesses grappling with unreliable utility power, load-shedding, price volatility, and operational pressures, the Hosted Buyer Programme connects participants directly with solution providers active in Zambia and the region, enabling peer-to-peer networking, insights from real-world implementations, and updates on regulatory changes, financing tools, and emerging technologies.

    Who Should Apply?

    • Commercial and industrial companies
    • Large energy users
    • Energy project owners and buyers

    Enquire about the Hosted Buyer Programme here: https://apo-opa.co/4fgxw0p

    Why Attend?

    This Summit is essential for businesses facing unreliable utility power and pursuing energy independence. Through masterclasses, case studies, and networking, participants will explore alternative energy and storage technologies to secure reliable energy, learn from early adopters about successful project execution, gain insights into regulatory frameworks and policy advocacy, mitigate financial and technical risks with expert advice, and build partnerships to accelerate project development.

    This event is critical for Zambia’s C&I sectors, which depend on effective energy solutions. Key industries include retail, powering stores and supply chains consistently; manufacturing, ensuring stable energy for production; agriculture and agri-processing, supporting irrigation and processing; property development, enabling sustainable buildings; and energy-intensive users, stabilising operations for mining and industry.

    Join Us

    Seize this opportunity to elevate your energy strategy, engage with top providers, and shape the future of Zambia and the SADC region. Whether a sponsor, delegate, hosted buyer, or investor, the C&I Energy + Storage Summit Zambia offers unmatched value.

    Register for the event (https://apo-opa.co/4lxHyMH)

    Distributed by APO Group on behalf of VUKA Group.

    For sponsorship or hosted buyer enquiries, contact:
    Marcel du Toit
    marcel.dutoit@wearevka.com

    About VUKA Group:
    As part of the Power and Energy Portfolio of VUKA Group (https://apo-opa.co/450xGnN), this Summit aligns with VUKA’s mission to connect industries, spark innovation, and fuel economic growth. VUKA Group is a premier organiser of conferences, exhibitions, and events across Africa, delivering tailored platforms for networking, knowledge sharing, and business development in energy and related sectors.

    Media files

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    MIL OSI Africa –

    July 19, 2025
  • India-UAE Partnership Eyes Nuclear Energy and Advanced Technology as Next Breakthrough Sectors

    Source: Government of India

    Source: Government of India (4)

    India and the United Arab Emirates are solidifying their strategic partnership, setting their sights on nuclear energy and advanced technology as the next frontiers for collaboration. This move comes as bilateral trade has already surged past the $100 billion mark, five years ahead of schedule, cementing the UAE’s position as India’s third-largest trade partner. Speaking at an Observer Research Foundation Middle East event in Dubai, Indian Ambassador to the UAE, Sunjay Sudhir, highlighted how both nations are leveraging their unique strengths to forge resilient supply chains and foster sustainable growth, moving beyond traditional trade ties.

    Intensified high-level diplomatic engagement since September 2024, including visits from Sheikh Khalid and Crown Prince Sheikh Hamdan to India, has focused on substantive economic cooperation. Discussions during Crown Prince Sheikh Hamdan’s visit with Commerce and Industry Minister Piyush Goyal underscored the significant role of the Comprehensive Economic Partnership Agreement (CEPA) in accelerating bilateral trade, particularly progress on the Virtual Trade Corridor, a foundational element of the India-Middle East-Europe Economic Corridor (IMEEC). UAE investments in India have reached $23 billion, with a notable $4.5 billion committed in 2024 alone, following the finalization of the Bilateral Investment Treaty last year. Furthermore, local currency trade settlement now accounts for 10 percent of all bilateral transactions, reducing dependence on dollar-denominated exchanges.

    A significant stride in financial technology integration is the UAE’s Jaywan card, built entirely on India’s rupee card stack. Plans are also underway to connect banking messaging systems, offering an alternative to SWIFT networks, and to integrate India’s Unified Payments Interface (UPI) with the UAE’s Aani platform by November 2025, enabling Central Bank Digital Currency (CBDC) interoperability. Educational cooperation has also seen tangible results with the launch of IIT Abu Dhabi’s PhD program this year, alongside IIM Ahmedabad’s Dubai campus and IIFT Dubai. Defense collaboration has been elevated to the secretary level, featuring joint exercises such as Desert Cyclone, Desert Flag, and the India-France-UAE Trilateral Exercise, and extends to participation in major defense exhibitions like IDEX and Dubai Airshow, with 25 Indian companies actively involved. Hardware integration initiatives include components for the Tejas fighter aircraft and the development of drone and anti-drone systems.

    Nuclear cooperation is emerging as a transformative area, with the UAE currently generating 25 percent of its energy from nuclear sources (5.6 GW capacity) and aiming to double this by 2030. The Partnership for Accelerating Clean Energy (PACE) initiative involving the US, UAE, , coupled with synergies with France, positions nuclear energy as a key growth sector. The advanced technology partnership gained momentum at the Vibrant Gujarat Global Summit 2024.

    Discussions are also underway for collaboration in critical minerals and the space sector, including polar initiatives. The IMEEC project envisions a comprehensive connectivity corridor for containers, data, and energy through connected grids and subsea cables. The I2U2 framework (India, Israel, UAE, US) is expanding its focus to food security, with plans for two food parks in Gujarat and renewable energy projects targeting 60 GW capacity in Gujarat and Rajasthan. Ambassador Sudhir emphasized the potential benefits for India from the UAE’s 25 other Comprehensive Economic Partnership Agreements (CEPAs), which could provide diversified market access and manufacturing advantages, particularly for energy-intensive industries. The UAE’s recent inclusion in BRICS further enhances its role as a strategic gateway for India’s engagement with Africa through initiatives like Bharat Africa Setu. The legal predictability and stable environment in the UAE also make it an attractive destination for Indian manufacturing investments requiring significant energy inputs.

    Culturally, the BAPS Hindu temple in Abu Dhabi stands as a powerful symbol of the shared ethos, religious tolerance, and cultural inclusivity underpinning the broader strategic relationship, a testament to the graciousness of the Abu Dhabi government. As both nations navigate global economic uncertainties, their partnership exemplifies how complementary strengths can foster resilient supply chains and sustainable growth models, with nuclear energy and advanced technology at the forefront of their expanding cooperation.

    July 19, 2025
  • PM Modi launches ₹5,400 crore development projects in Durgapur, boosting West Bengal’s infrastructure and economic growth

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi laid the foundation stone, inaugurated, and dedicated development projects worth over ₹5,400 crore in Durgapur, West Bengal, marking a significant step toward strengthening the region’s infrastructure and economic growth. Addressing a gathering in the Steel City, known for its robust labor force, the Prime Minister highlighted Durgapur’s pivotal role in India’s development journey. He emphasized that the projects launched will enhance connectivity, promote a gas-based economy, and reinforce Durgapur’s industrial identity while aligning with the vision of “Make in India, Make for the World.” The initiatives are expected to create numerous employment opportunities for the youth of West Bengal.

    PM Modi underscored that India’s resolve to become a developed nation by 2047, or Viksit Bharat, is a focal point of global discussions, driven by transformative changes in infrastructure. He highlighted the government’s achievements over the past decade, including the construction of over 4 crore pucca houses, crores of toilets, more than 12 crore tap water connections, thousands of kilometers of new roads and highways, new railway lines, airports in small towns, and widespread internet access reaching villages and households. In West Bengal, he noted significant advancements in rail connectivity, with the state leading in operating Vande Bharat trains, expanding the Kolkata Metro, and modernizing railway stations. The inauguration of two road overbridges in Paschim Bardhaman under the Setu Bharatam Programme, worth over ₹380 crore, will further ease travel and enhance safety by reducing accidents at railway crossings.

    The Prime Minister emphasized the integration of Durgapur’s airport into the UDAN scheme, which has facilitated over 5 lakh passenger journeys in the past year. He noted that such infrastructure not only improves convenience but also generates employment, with even the production of raw materials for these projects creating substantial job opportunities.

    In the energy sector, PM Modi highlighted India’s unprecedented progress in gas connectivity over the past decade, with LPG reaching households nationwide and earning global recognition. He outlined the government’s “One Nation, One Gas Grid” vision through the Pradhan Mantri Urja Ganga Yojana, which includes laying gas pipelines across six eastern states, including West Bengal. The Durgapur to Kolkata section of the Durgapur-Haldia Natural Gas Pipeline, worth over ₹1,190 crore, was dedicated to the nation, passing through Purba Bardhman, Hooghly, and Nadia districts. This pipeline will supply natural gas to lakhs of households, enable CNG for vehicles, and support gas-based industrial technologies. Additionally, the foundation stone for Bharat Petroleum Corp. Ltd’s City Gas Distribution project in Bankura and Purulia, worth around ₹1,950 crore, was laid to provide piped natural gas to households, commercial establishments, and industries, further boosting employment.

    The Prime Minister also dedicated retrofitting pollution control systems (Flue Gas Desulphurization) at the Durgapur Steel Thermal Power Station and Raghunathpur Thermal Power Station, worth over ₹1,457 crore. These upgrades enhance efficiency, support cleaner energy production, and position the plants to compete globally. The doubling of the Purulia-Kotshila Rail Line, worth over ₹390 crore, was also dedicated, improving connectivity for industries in Jamshedpur, Bokaro, Dhanbad, Ranchi, and Kolkata, reducing travel time, and streamlining logistics.

    PM Modi reiterated that India’s progress in factories and fields is driven by a unified resolve to achieve a developed nation by 2047. He outlined the government’s approach: empowerment through development, self-reliance through employment, and good governance through responsiveness. The Prime Minister expressed confidence that these efforts will position West Bengal as a strong engine of India’s development journey.

    July 19, 2025
  • MIL-OSI: HSBC Continental Europe Agrees to Sell French Portfolio of Home and Certain Other Retail Loans

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    18 July 2025

    HSBC CONTINENTAL EUROPE AGREES TO SELL FRENCH PORTFOLIO
    OF HOME AND CERTAIN OTHER RETAIL LOANS

    HSBC Continental Europe, an indirectly held subsidiary of HSBC Holdings plc (“HSBC Group”), today signed a memorandum of understanding with a consortium comprising Rothesay Life plc and CCF (together the “Consortium Buyer”) regarding the sale of its French portfolio of predominantly home and certain other retail loans (the “Portfolio”) retained after the disposal of its retail banking business in France1 (the “Potential Transaction”).

    At 31 December 2024, the Portfolio had an outstanding balance of €6.7bn.

    On 1 January 2025, the Portfolio was reclassified from hold-to-collect to hold-to-collect-and-sell, and during the first quarter of 2025, the HSBC Group recognised a €1.2bn ($1.3bn2) pre-tax fair value loss through other comprehensive income on the Portfolio, and a €0.1bn ($0.1bn2) fair value gain in the income statement on related interest rate hedges. The fair value loss on the Portfolio resulted in an approximately 0.2 percentage point reduction in the HSBC Group CET1 ratio, which stood at 14.7% at 31 March 20253.

    At completion of the Potential Transaction:

    • The loss recognised in other comprehensive income will be recycled to the income statement with no further impact on HSBC Group’s CET1 ratio.
    • The risk weighted assets (“RWAs”) of the Portfolio4 will be deconsolidated, resulting in an immaterial benefit on the HSBC Group CET1 ratio.

    The Potential Transaction is expected to complete in the fourth quarter of 2025, subject to the appropriate information and consultation processes with respective works councils. HSBC Continental Europe will work closely with the Consortium Buyer to enable a smooth transition.

    The Potential Transaction allows HSBC Continental Europe to further strengthen its focus on being the leading corporate and institutional bank in Europe, supporting international clients. HSBC is focused on increasing its leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support its clients.

    Financial impact of the transaction on HSBC Continental Europe:

    • Since the reclassification of the Portfolio on 1 January 2025 from hold-to-collect to hold-to-collect-and-sell, HSBC Continental Europe recognised during the first quarter of 2025, a €1.2bn fair value pre-tax loss through other comprehensive income and a €0.1bn fair value gain in the income statement on related interest rate hedges. The fair value loss on the Portfolio resulted in an approximately 2 percentage points reduction in HSBC Continental Europe’s CET1 ratio, which stood at 18.8% at 31 December 20245.
    • At completion of the Potential Transaction, the loss recognised in other comprehensive income will be recycled to the income statement with no further impact on HSBC Continental Europe’s CET1 ratio. The RWAs6 of the Portfolio will be deconsolidated and it is estimated that the HSBC Continental Europe CET1 ratio will increase by approximately 0.3 percentage point.

    Contacts:

    Sophie Ricord | sophie.ricord@hsbc.fr | + 33 6 89 10 17 62
    Stéphanie Préaut | stephanie.preaut@hsbc.fr | +33 6 75 31 16 58

    HSBC Continental Europe
    Headquartered in Paris, HSBC Continental Europe is an indirectly held subsidiary of HSBC Holdings plc. HSBC Continental Europe comprises, in addition to corporate and institutional banking, private banking, insurance and asset management activities across Continental Europe, and includes the business activities of 10 European branches (in Belgium, Czech Republic, Germany, Ireland, Italy, Luxembourg, the Netherlands, Poland, Spain and Sweden) and two banking subsidiaries in Continental Europe (in Luxembourg and Malta). HSBC Continental Europe’s mission is to serve both customers in Continental Europe for their needs worldwide and Group customers for their needs in Continental Europe.

    HSBC Holdings plc
    HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London, HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3.054 billion at 31 March 2025, HSBC is one of the world’s largest banking and financial services organisations.

    Rothesay Life plc
    Rothesay is the UK’s largest pensions insurance specialist. The company has over £70 billion of assets under management, securing the pensions of more than one million people and paying out, on average, over £300 million in pension payments each month.

    CCF Group
    CCF Group is a century-old French banking group specializing in wealth management and specialized financing. Wealth management services are provided under the CCF brand to 800,000 clients across France. Specialized financing focuses on personal loans and corporate financing.


    1 Completion of the sale of Retail Banking Business in France – 1 Jan 2024, HSBC.com
    2 At relevant prevailing FX rates during, and at the end of, the first quarter of 2025.

    3 HSBC Group CET1 ratio on a PRA basis.
    4 Excluding Operational Risk RWAs.
    5 HSBC Continental Europe CET1 ratio computed on an ECB basis.
    6 Excluding Operational Risk RWAs

    Attachment

    • PRESS RELEASE – HSBC CONTINENTAL EUROPE AGREES TO SELL FRENCH PORTFOLIO OF HOME AND CERTAIN OTHER RETAIL LOANS

    The MIL Network –

    July 19, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN hosts Farewell Dinner for Outgoing Ambassador of Norway to ASEAN

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this evening hosted a farewell dinner in honour of H.E. Kjell Tormod Pettersen, Ambassador of the Kingdom of Norway to ASEAN, who has completed his tenure in Jakarta. On this occasion, both sides exchanged views on advancing ASEAN–Norway relations, particularly as ASEAN and Norway commemorate the tenth anniversary of the Sectoral Dialogue Partnership this year. Dr. Kao also expressed his sincere appreciation to Ambassador Pettersen for his dedication and efforts in strengthening ASEAN-Norway relations throughout his tenure, including the successful arrangements for the Working Visit of SG Dr. Kao to Norway, in June 2025.

    The post Secretary-General of ASEAN hosts Farewell Dinner for Outgoing Ambassador of Norway to ASEAN appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    July 19, 2025
  • MIL-OSI Economics: Working Together, Growing Stronger: Responsible Governance for a Resilient UCB Sector – Valedictory Address by Shri Swaminathan J, Deputy Governor, Reserve Bank of India at the Seminar for Directors of Urban Co-operative Banks held in CAB, Pune on Friday, July 11, 2025

    Source: Reserve Bank of India

    Working Together, Growing Stronger: Responsible Governance for a Resilient UCB Sector
    (Valedictory Address by Shri Swaminathan J, Deputy Governor, Reserve Bank of India at the Seminar for Directors of Urban Co-operative Banks held in CAB, Pune on Friday, July 11, 2025)

    MIL OSI Economics –

    July 19, 2025
  • MIL-OSI Asia-Pac: HK’s appeal showcased in Qingdao

    Source: Hong Kong Information Services

    The Immersive Hong Kong roving exhibition, showcasing Hong Kong’s diversity and its latest developments, opened in Qingdao.

     

    Themed “Hong Kong – Where the World Looks Ahead”, the exhibition invites visitors from Qingdao and elsewhere in Shandong to explore Hong Kong’s unique opportunities and potential in tourism, education, business and investment.

     

    It comprises five thematic zones: Financial Bridgehead; I&T Brain Bank’ Blossoming Creativity; Diversity & Greenery; and Buzzing Sports Action. These feature interactive art projections, light box installations and naked-eye 3D displays, all representing the distinctive appeal of Hong Kong.

     

    At today’s opening ceremony, Director of Information Services Apollonia Liu explained that as 2025 marks the 10th anniversary of the Belt & Road Summit – which is hosted each year by the Hong Kong Special Administrative Region – three Belt & Road node cities on the Mainland were specially selected as locations for this year’s Immersive Hong Kong exhibition.

     

    The exhibition visited Shanghai last month. Qingdao is the second stop, and will be followed by Chengdu.

     

    Mrs Liu expressed hope that the exhibition will provide an opportunity for Qingdao residents to experience Hong Kong’s charm and spark their interest in visiting the city.

     

    Introducing the exhibition’s highlights, Mrs Liu said the Buzzing Sports Action zone serves as pre-event publicity for the 15th National Games, due to be co-hosted by Hong Kong, Guangdong and Macau in November. She remarked that Hong Kong’s cultural and tourism appeal, and various other developments in the city, are showcased in the exhibition through naked-eye 3D displays and interactive games.

     

    With Qingdao having been part of Hong Kong’s Individual Visit Scheme since March last year, Mrs Liu stressed that in addition to boosting tourism-related industries in Hong Kong, the scheme has been successful in fostering cultural integration and people-to-people bonds between Qingdao and Hong Kong.

     

    As the two cities are linked by multiple direct flights operating daily, an excellent foundation has been laid for deepening tourism co-operation, promoting the sharing of resources and facilitating the two-way flow of visitors, she added.

     

    The Immersive Hong Kong roving exhibition, organised by the Information Services Department, runs from today to July 27 at Lion Mall in Qingdao. Admission is free.

    MIL OSI Asia Pacific News –

    July 19, 2025
  • MIL-OSI: F&M Bank Announces Board Leadership Transition: Andrew Briggs to Step Down as Chairman, Kevin J. Sauder Named Successor

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, July 18, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), announced that Andrew Briggs, Chairman of the Board, will step down from his position as part of a plan he initiated. Briggs, who has served on the Board for seven years and as Chairman since 2024, will continue serving as a director through his retirement from the Board in 2026 and will work closely with newly appointed Chairman, Kevin J. Sauder, to ensure a seamless transition.

    Sauder, who currently serves as Vice Chairman of the Board and is Retired President & CEO of Sauder Woodworking Co., has been named Chairman of the Board, effective today. A member of F&M’s Board since 2004, Sauder brings extensive leadership experience, deep community ties, and a strong commitment to the mission and values of F&M Bank. He and Briggs will work together over the coming year to support board continuity and strategic momentum.

    “Andrew’s guidance has been instrumental in helping F&M expand our footprint and deepen our community relationships,” said Lars B. Eller, President and CEO of F&M Bank. “He has been a passionate advocate for our employees, customers, and shareholders. His dedication to ensuring a smooth and collaborative transition is a reflection of his deep commitment to F&M’s future.”

    Eller added, “Kevin is a thoughtful, strategic leader who understands the importance of relationship banking in the communities we serve. His business acumen, integrity, and vision make him an ideal successor. I look forward to working with Kevin in his new role as Chairman as we continue building on the strong foundation Andrew helped establish.”

    Throughout his tenure, Briggs has played a vital role in advancing F&M’s strategic vision, supporting its community banking mission, and strengthening its governance. His leadership has positioned the bank for continued growth and sustained value for all stakeholders.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network –

    July 19, 2025
  • MIL-OSI China: China strengthens supersize market, investment hub position with high-standard opening up in 14th Five-Year Plan period

    Source: People’s Republic of China – State Council News

    China strengthens supersize market, investment hub position with high-standard opening up in 14th Five-Year Plan period

    BEIJING, July 18 — China has made significant progress on key tasks related to consumption, foreign trade and investment cooperation in the 14th Five-Year Plan period (2021-2025). These achievements are expected to continue to inject momentum into global economic growth.

    At a press conference held in Beijing on Friday, senior commerce ministry officials highlighted that China has further solidified its position as the world’s second-largest consumption market and biggest goods trader.

    “The vast Chinese market has become a shared market for the world and will surely continue to be the source of growth and vitality for the world economy,” said Chinese Minister of Commerce Wang Wentao at the press conference.

    The country has also worked to improve the business environment for foreign-funded enterprises during the period, with many multi-nationals saying that China is an “ideal, safe and promising” destination for cross-border investment.

    Despite facing challenges from rising unilateralism and protectionism, the officials shared their vision for the upcoming 15th Five-Year Plan period (2026-2030), revealing that China will seek to strengthen international cooperation, increase the resilience of trade and strive to build an international trade pattern, featuring openness, cooperation, common development, and mutual benefits and win-win results.

    SUPERSIZED CONSUMPTION MARKET

    According to Wang, the commerce minister, China’s supersized consumption market has expanded during the 14th Five-Year Plan period, reinforcing the nation’s position as the second-largest consumer market globally.

    With an average annual growth rate of 5.5 percent in the retail sales of consumer goods since 2021 in China, consumption has contributed around 60 percent on average annually to the nation’s economic growth over the past four years, Wang said, who forecast the sales to top 50 trillion yuan (about 7 trillion U.S. dollars) in 2025.

    In terms of absolute value, he revealed, China’s retail sales of consumer goods are about 80 percent of those in the United States. However, in terms of real purchasing power, the nation’s retail sales of consumer goods have surpassed those in the United States, Wang said, citing World Bank data and calculations.

    In illustrating the huge potential of the Chinese consumption market, the minister said that China has ranked top in terms of online retail sales for 12 consecutive years. China has also been the world’s biggest consumption market for cars and home appliances such as air conditioners and washing machines.

    “China has a population of 1.4 billion. Any product, if multiplied by 1.4 billion, means definitely a supersize market,” Wang said, adding that measures will be taken to boost services consumption, which has grown at a much faster rate compared to the consumption of goods.

    “The characteristics of China’s consumption market, which feature great potential, strong resilience and abundant vitality, have not changed,” he said, saying that the ministry will introduce targeted measures in light of the changing times and circumstances to further stimulate goods consumption and tap the potential of service consumption in the next five years.

    IDEAL INVESTMENT HUB

    Data from the Ministry of Commerce (MOC) indicates that as of the end of June this year, China’s actual use of foreign direct investment during the 14th Five-Year Plan period had reached a cumulative total of 708.73 billion U.S. dollars. This figure meant the country has achieved the 700 billion U.S. dollar investment attraction target ahead of schedule.

    Demonstrating confidence in investing in China’s investment climate, 229,000 new foreign-funded enterprises were established during the period in the country, an increase of 25,000 compared with the 13th Five-Year Plan period. “Foreign-funded enterprises have contributed one third of China’s imports and exports, one fourth of its industrial added value and one seventh of its tax revenue, and have created over 30 million jobs, making significant contributions to China’s economic and social development,” Vice Minister of Commerce Ling Ji said.

    Ling revealed at the press conference that foreign investors have increased their allocations in China’s high-tech sectors compared with 2020, with many multinational companies establishing regional headquarters and global R&D centers in China.

    To create a favorable environment for foreign investment, China has expanded opening up by lifting restrictions on foreign investment in the manufacturing industry across the country, Ling said.

    Additionally, the country has improved its market and policy environment by implementing various measures with regard to government procurement, intellectual property protection, cross-border data flow and fiscal and tax incentives. Since 2023, the MOC has held over 30 roundtable meetings for foreign-funded enterprises, helping resolve more than 1,500 various demands raised by foreign-funded enterprises, he said.

    “Investing in China is investing in the future. We hope that the vast number of foreign-funded enterprises can achieve greater development in the process of China’s modernization,” Ling said.

    WIN-WIN RESULTS THROUGH COOPERATION

    During the past several years, economic globalization faced headwinds, with unilateralism and protectionism on the rise, causing significant disruptions to the international economic order and governance system. Despite these challenges, China has firmly upheld the multilateral trading system by promoting both multilateral cooperation and regional cooperation, vice commerce minister Li Chenggang said at the press conference.

    Throughout this period, China’s trading partners have become more diverse. The Association of Southeast Asian Nations (ASEAN) has remained China’s largest trading partner for five consecutive years. In 2024, the proportion of China’s trade with countries participating in the Belt and Road Initiative has exceeded 50 percent of its total trade, MOC data showed.

    “We are a major trading partner of over 150 countries and regions. We not only provide high-quality products and services to the world, but also ensure the resilience and stability of the global industrial and supply chains,” Wang said, who stressed that the huge Chinese market is also a shared market for the world.

    From 2021 to 2024, China imported goods worth 7.4 trillion yuan, MOC data showed. Wang said that from the perspective of imports, the Chinese mainland and Hong Kong accounted for approximately 13.3 percent of world’s total goods imports, very close to the 13.6 percent share taken by the United States, quoting data from the World Trade Organization.

    Responding to a journalist’s question about China-U.S. economic and trade cooperation, Wang said that despite the ups and downs in China-U.S. economic and trade relations, the two sides have remained important partners to each other in trade and investment. “In 2024, the trade volume of goods between China and the United States was 688.3 billion U.S. dollars, and the trade volume of services was 155.8 billion U.S. dollars. Both figures increased by 18 percent and 34.7 percent, respectively, compared with 2017.”

    Wang said that it is inevitable that there will be differences and frictions in China-U.S. economic and trade cooperation, but this is a normal situation and that dialogues and consultations are the best choice to solve problems.

    Wang said China is willing to work with the United States, based on the principles of mutual respect, peaceful coexistence and win-win cooperation, to continue to strengthen dialogues and communications, enhance consensus and reduce misunderstandings, and jointly promote the China-U.S. economic and trade relations back to the right track and achieve healthy, stable and sustainable development.

    MIL OSI China News –

    July 19, 2025
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